Sterling bounces off two-month lows

Sterling saw quite a recovery from two-month lows as it bounced more than 0.5 percent against the dollar to as high as $1.4295 in early Asian trade on Friday, extending a rebound from two-month lows touched the previous day.

The pound had been heading lower on Thursday amid the global sell-off, but then reversed course following the death of British MP Jo Cox. Meanwhile, campaigning ahead of the UK EU referendum was halted due to the news of her death.
The euro mirrored the pound and rose as well, to reach $1.1265.

The yen was 0.3 per cent weaker versus the dollar, with USDJPY trading at 104.59 yen. The Japanese currency is eyeing a gain of 2.2 per cent this week.

The dollar index was down 0.2 per cent today at 94.41, on track for a third-straight day of declines as investors continue to process the dovish policy statement from the Fed on Wednesday. Meanwhile, US inflation data released on Thursday were weaker than expected and this also failed to help the dollar.

Gold, which is sensitive to US interest rate expectations, was up 0.1 per cent to $1.279.38 on Friday. The yellow metal was eyeing its third consecutive week of gains, with a 0.4 per cent rise, the longest weekly winning streak since a four-week run to February 12. On Thursday, prices jumped to $1,315.71, the highest intraday level since August 14 2014.

Oil prices firmed on Friday, with Brent crude up 1 per cent at $47.65 a barrel, and WTI oil gaining two-thirds of one per cent to $46.52.

The post Sterling bounces off two-month lows appeared first on FXTM Blog.

Source:: Sterling bounces off two-month lows

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