{"id":60312,"date":"2018-01-23T02:52:12","date_gmt":"2018-01-23T02:52:12","guid":{"rendered":"http:\/\/www.bnreport.com\/sterling-approaches-1-40-for-the-first-time-since-post-brexit-vote-crash\/"},"modified":"2018-01-23T02:52:12","modified_gmt":"2018-01-23T02:52:12","slug":"sterling-approaches-1-40-for-the-first-time-since-post-brexit-vote-crash","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/sterling-approaches-1-40-for-the-first-time-since-post-brexit-vote-crash\/","title":{"rendered":"Sterling approaches $1.40 for the first time since post-Brexit-vote crash"},"content":{"rendered":"

The pound today hit a fresh high against the US dollar since crashing after the Brexit vote, with traders continuing to jump on the bandwagon at the start of the year.<\/p>\n

Sterling rose by around 0.7 per cent to reach intraday highs of $1.3970 against the greenback, while hitting a five-week peak against the euro.<\/p>\n

The pound's rally against the dollar over the last 12 months has come against a backdrop of a fairly resilient British economy, in spite of painful real wage falls, and an extended sell-off in the dollar.<\/p>\n

Read more<\/strong>: Sterling rises above $1.38 for the first time since the Brexit vote<\/a><\/p>\n

Yet the immediate trigger for today's gains were unclear. Viraj Patel, a forex strategist at ING, said he is "slightly surprised" by the speed at which the pound has risen towards $1.40, a level they predicted it would reach by the end of the first quarter.<\/p>\n

"We do think there is more upside potential for the pound in 2018 \u2013 but for the next wave of appreciation to kick in, we'll require a positive pound-specific catalyst," he said.<\/p>\n

Two such catalysts for further upward movement could be an improvement in UK economic data and an agreement over a Brexit transition deal, Patel added.<\/p>\n

Peter Ashton, managing director at payments firm Eiger FX, said: "Momentum appears to be the prime factor behind sterling\u2019s gains as there is little by the way of news to explain the rally."<\/p>\n

Ken Odeluga, market analyst at spread-betting firm City Index, said the pound may have been given some extra impetus after breaking through a symbolic level hit in February 2016, the start of a rally before the EU referendum in June 2016.<\/p>\n

Read more<\/strong>: Sterling hits its highest since the Brexit vote as FTSE 100 smashes records<\/a><\/p>\n

<\/a><\/strong> <\/a><\/p>\n

Original Article<\/a><\/p>\n

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CityAM<\/a><\/h5>\n

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