Sterling Reaches Uncharted Territory
The pound raced ahead again to start Thursday against the € and $ and has attracted more market participants such as pension funds, insurance funds, real estate investment trusts, asset managers and other finance houses as cited by market analysts. The pound appears to still be benefiting from the so far successful vaccine rollout whilst the US and Europe lag far behind.
This morning we have already had UK retails sales for January which was were even worse than the market had feared with a reading of -8.2% from a forecast of -3.0% even with the poor data the pound has held stable this morning.
The dollar on the other hand lost ground on Thursday, ending its first two-day winning streak in two weeks after a poor labour market reading brought the market back to reality that a speedy economic recovery from the global health crisis was on the cards.
The unexpected increase in weekly jobless claims dampened enthusiasm over otherwise upbeat data this week, the day after minutes from the U.S. Federal Reserve’s most recent monetary policy meeting showed the central bank was determined to continue supporting the economic recovery.
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