Pound Poised For Largest Weekly Gain Vs USD Since 2000
Currently standing at $1.5423, the pound is set for it's largest one-week gain against the dollar in eight years.
Reports that UK consumer confidence fell less than expected and gains in the stock market have supported sterling this week.
Having closed last Friday at $1.4918, the British currency is set to post a 335% gain on the week. It is also set for a second weekly gain against the euro, currently standing at 83.84 pence from a close of 84.33 pence last Friday.
The outlook for UK interest rates however is still sharply lower, and the pound could still fall to $1.4100 by the end of the year, BNP Paribas said.
That would be good news for British export, making UK wheat more competitive on the export stage, which would further underscore support for domestic grain prices.
Reports that UK consumer confidence fell less than expected and gains in the stock market have supported sterling this week.
Having closed last Friday at $1.4918, the British currency is set to post a 335% gain on the week. It is also set for a second weekly gain against the euro, currently standing at 83.84 pence from a close of 84.33 pence last Friday.
The outlook for UK interest rates however is still sharply lower, and the pound could still fall to $1.4100 by the end of the year, BNP Paribas said.
That would be good news for British export, making UK wheat more competitive on the export stage, which would further underscore support for domestic grain prices.
