UK pound climbs to US$1.40, a new high

Tuesday, April 20, 2021

The UK pound touched its highest in more than six weeks against the US dollar on Tuesday with the greenback's continuing decline and a positive surprise from labor market data out of Britain lending support to the currency, Reuters reports.

The pound crossed the US$1.40 mark for the first time in nearly a month on Monday, rising by 1 percent as it benefited from a broadly weakening dollar that took a hit as risk sentiment returned and volatility slumped in global markets.

It extended gains to touch its highest since March 4 at US$1.4009 early on Tuesday before reversing course to stand flat against the dollar by 0800 GMT, and 0.3 percent lower to a strengthening euro at 86.25 pence.