UK pound climbs above US$1.38

Finance | 27 Jul 2021 7:31 am

The UK pound climbed above US$1.38 against a broadly weaker dollar on Monday, supported by encouraging data the previous day showing a fall in infections  in Britain, Reuters reports.

The dollar lost ground across the board as investor focus turned to this week's meeting of the U.S. Federal Reserve. The pound has held up better than most major currencies in recent weeks, supported by Britain's high vaccination rate at a time when the Delta variant has caused cases to surge worldwide.

The pound was the second-best performing G10 currency over the previous week's five-day trading period.

On the day sterling hit 10-day highs against both the dollar and euro.

Against the dollar it gained 0.6 percent to US$1.38320, while against the euro it edged up by 0.3 percent to 85.37 pence - both were the highest levels since July 16.


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