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Sterling heads for third straight week of gains against dollar LONDON: Sterling hovered within touching distance of a 5-1/2-year high against the dollar on Friday, heading for its third consecutive week of gains on rising expectations that Britain will raise interest rates before the United States. Data on Friday showing the UK's public finances with a bigger-than-expected deficit did little to dent confidence in sterling, which was trading at $1.7061, just shy of the 5-1/2-year high of $1.7064 hit on Thursday.Any hopes among dollar bulls that the US Federal Reserve would flag growing concerns over inflation - and the need to eventually raise interest rates - were quashed by its Chair Janet Yellen on Wednesday.By contrast, Bank of England officials in their verbal guidance on policy have brought forward the chance of a rate rise, with markets pricing in a move before the end of this year.That has increased the yield gap between two-year British gilts and US Treasuries by ...

Dollar wins a reprieve, but Fed outlook should keep it penned up LONDON: The dollar inched up on Friday, helped by gains against the safe-haven yen, but it was still headed for its worst week since early May against a basket of currencies after the Federal Reserve's surprisingly dovish policy outlook. In contrast, the Bank of England's hawkish bias widened the yield gap between two-year British gilts and US Treasuries, helping the pound to trade near 5 1/2- year highs against the dollar. "Sterling is a favourite ...
Sterling stays strong above $1.70 as BoE and Fed paths diverge LONDON: Sterling hit a five-year high against the dollar on Thursday, settling above the $1.70 mark, lifted by the diverging monetary policy outlooks between the Bank of England and the Federal Reserve. The yield gap between two-year British gilts and US Treasuries widened, prompting more investors to buy sterling and putting it on course to test its 2009 high of $1.7043. While the Federal Reserve signalled on Wednesday that rising inflation won't trigger an increase ...
Dollar slips post-Fed, kiwi at all-time high LONDON: The dollar sank to its weakest level in three weeks on Thursday after a cautious message from the Federal Reserve stopped well short of the aggressive signal of prospective higher interest rates expected by some in the market.In Europe, meetings of the Swiss and Norwegian central banks were the early focus . The euro traded at its highest level in 10 days against the dollar while sterling inched up to a new 5-year high ...
Sterling falls back after BoE minutes LONDON: Sterling retreated to be lower on the day on Wednesday after a brief surge following minutes from the Bank of England that offered mixed messages on the chances of a rise in interest rates this year.The pound hit a day's high against both the euro and dollar immediately after the minutes of the bank's last meeting showed some policymakers drifting closer to a rise in rates than they had been in the past two ...
Turkish lira hovers around 7-week lows on Iraq, dollar firming ISTANBUL: Turkey's lira hovered around seven-week lows on Wednesday, just above 2.15 against the dollar, as the conflict in neighbouring Iraq continued to weigh and markets looked ahead to a US interest rate decision. Some of the pressure on the lira was attributed to the dollar firming after a surprisingly high reading for US inflation, which could bring forward the day when the US Federal Reserve might consider hiking rates. Investors in Turkey, which depends ...
Can sterling hit $2? Only with a perfect storm LONDON: Sterling has touched $1.70 and is on the brink of bursting ranges which have confined it for five years. Could a resurgent pound return to pre-crisis levels of $2? After such a runup, this sounds like fantasy. But a few shifts could make it more realistic. First, inflation would need to quicken. Higher productivity and employment would need to fuel pay rises, in turn permitting price hikes from retailers. Second, frothy house prices would ...


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