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Pound's strong run continues with push above $1.43

From BBC - April 16, 2018

The pound has continued its recent strong run against the dollar pushing firmly above $1.43.

It is the seventh session in a row that the pound has made gains against the US currency.

The strong run means that, among the G10 group of rich nations, the UK has the best-performing currency this year.

Traders say the prospect of higher UK interest rates has made the pound more attractive while the dollar has been hit by fears of trade disputes.

The pound started the week with a gain of almost a cent to $1.4323, while against the euro it was 0.2% higher at 1.1569.

Following the vote to leave the European Union in June 2016 the pound sank, hitting $1.2068 in January of last year.

Since then it has made a comeback.

Jane Foley, a currency strategist at Rabobank, said the recent strong run can be dated back to September 2017 when it became clear the Bank of England was ready to raise interest rates.

In November, the Bank increased the cost of borrowing for the first time in a decade - from 0.25% to 0.5%.

Data watch

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