Pound gains for first time after Brexit
The pound rose 1.1% to $1.3372 as of 2:17 pm London time, after touching a more than 30-year low at $1.3121 on Monday.
By Bloomberg | Updated:
By Narayanan Somasundaram & Marianna Duarte De Aragao
The pound rose for the first time since the UK’s vote to leave the European Union, as a recovery in investor appetite for higher-yielding assets seeped through currency markets and sapped demand for the dollar and the yen as havens.
Sterling rose against most of its Group-of-10 counterparts as EU leaders gather in Brussels for the start of a two-day European Council summit to discuss Britain’s decision to leave the bloc. The Bloomberg Dollar Spot Index, which tracks the dollar against a basket of 10 leading global currencies, fell for the first time since the global market rout started on Friday as the referendum result came out. The yen weakened after Japanese officials reiterated that they will continue to watch the markets.
The pound rose 1.1% to $1.3372 as of 2:17 pm London time, after touching a more than 30-year low at $1.3121 on Monday. It fell a record 8.1% on Friday, and a further 3.3% in the next trading session.
The Bloomberg Dollar Spot Index fell 0.5%. The yen, the only major currency to have strengthened against the dollar since the UK’s Brexit referendum, weakened 0.3% to 102.34 per dollar.
The pound rose for the first time since the UK’s vote to leave the European Union, as a recovery in investor appetite for higher-yielding assets seeped through currency markets and sapped demand for the dollar and the yen as havens.
Sterling rose against most of its Group-of-10 counterparts as EU leaders gather in Brussels for the start of a two-day European Council summit to discuss Britain’s decision to leave the bloc. The Bloomberg Dollar Spot Index, which tracks the dollar against a basket of 10 leading global currencies, fell for the first time since the global market rout started on Friday as the referendum result came out. The yen weakened after Japanese officials reiterated that they will continue to watch the markets.
The pound rose 1.1% to $1.3372 as of 2:17 pm London time, after touching a more than 30-year low at $1.3121 on Monday. It fell a record 8.1% on Friday, and a further 3.3% in the next trading session.
The Bloomberg Dollar Spot Index fell 0.5%. The yen, the only major currency to have strengthened against the dollar since the UK’s Brexit referendum, weakened 0.3% to 102.34 per dollar.
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