Sterling rises to its highest level in more than two weeks against the dollar

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Monday, May 23, 2022 - 19:06
Point Trader Group
Sterling rises to its highest level in more than two weeks against the dollar

The pound jumped to a more than two-week high against the dollar on Monday, as the greenback's decline against its main rivals allowed the British currency to continue recovering from its two-year low.

Sterling has lost more than 4 percent this month as it was hit by concerns about a deteriorating economic growth outlook.

The British currency recovered some of its losses last week and rose against the dollar on Monday as investors sold the US currency on hopes that an easing of COVID-19-related lockdowns in China could help global growth.

Focus is expected to return to UK growth expectations on Tuesday when the Business Activity Survey is published.

Sterling rose 0.7 percent to $1.2576 by 1610 GMT, after touching $1.26, its highest level since May 5.


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