Respite for sterling as traders shun safe-haven dollar

Respite for sterling as traders shun safe-haven dollar

27 Mar 2020 05:07 PM
 

Sterling rose on Friday as investors became more confident that the United States government and central bank economic stimulus could alleviate some of the impact of the coronavirus crisis.

The U.S. dollar had previously strengthened on the back of its perceived safe-haven status while sterling - considered a riskier currency more closely associated with equity market performance - moved in the opposite direction.

Sterling was up 0.4% at $1.2253, having touched a near-two-week high of $1.2304. It gained more against the euro, rising by 0.8% to 89.80 pence.