Month: Sterling Rally and Wall

month: Sterling rally came despite labour market data from the US, which strengthened Wall Street belief that official borrowing costs in the world biggest economy will be raised before Christmas, according to The Guardian. Currency dealers paid less interest than usual to the 161,000 increase in non-farm employment last month and the 0.4% increase in hourly earnings, focusing instead on the knife-edge battle between Hillary Clinton and Trump for the presidency. The pound respite from its recent heavy falls on the foreign exchanges continued on Friday when it put on a cent against the US currency to trade at $1.2558 – its highest level for four weeks. Pound graph The pound has been rising since the start of the week after evidence of a narrowing of Clinton opinion-poll lead and amid evidence from forward-looking business surveys that the UK economy was set to grow robustly in the fourth quarter of 2016. We're seeing a bit of a relief rally now that the worst-case scenario of a unilateral hard Brexit has been deferred, and markets can start focusing on other factors the US presidential election, said CMC analyst Michael Hewson. Sterling then received a double-boost on Thursday when the high court ruled that the government could not trigger article 50 to leave the EU without the approval of parliament, and the Bank of England announced that it had abandoned plans for a second post-referendum stimulus. (news.financializer.com). As reported in the news.