AIRLINK 63.43 Increased By ▲ 0.23 (0.36%)
BOP 5.46 Increased By ▲ 0.06 (1.11%)
CNERGY 4.68 Increased By ▲ 0.11 (2.41%)
DFML 19.02 Decreased By ▼ -0.71 (-3.6%)
DGKC 70.29 Increased By ▲ 1.29 (1.87%)
FCCL 19.12 Increased By ▲ 0.87 (4.77%)
FFBL 30.86 Increased By ▲ 1.47 (5%)
FFL 9.58 Increased By ▲ 0.27 (2.9%)
GGL 10.16 No Change ▼ 0.00 (0%)
HBL 109.20 Decreased By ▼ -0.86 (-0.78%)
HUBC 127.70 Increased By ▲ 1.69 (1.34%)
HUMNL 6.85 Increased By ▲ 0.12 (1.78%)
KEL 4.39 Decreased By ▼ -0.08 (-1.79%)
KOSM 4.43 Decreased By ▼ -0.02 (-0.45%)
MLCF 37.39 Increased By ▲ 0.79 (2.16%)
OGDC 128.50 Increased By ▲ 0.20 (0.16%)
PAEL 22.80 Decreased By ▼ -0.39 (-1.68%)
PIAA 26.50 Increased By ▲ 0.30 (1.15%)
PIBTL 6.19 Increased By ▲ 0.19 (3.17%)
PPL 112.52 Decreased By ▼ -0.28 (-0.25%)
PRL 26.85 Decreased By ▼ -0.30 (-1.1%)
PTC 16.75 Decreased By ▼ -0.34 (-1.99%)
SEARL 60.72 Decreased By ▼ -1.37 (-2.21%)
SNGP 65.35 Increased By ▲ 1.40 (2.19%)
SSGC 11.05 Increased By ▲ 0.02 (0.18%)
TELE 9.10 Decreased By ▼ -0.13 (-1.41%)
TPLP 11.28 Increased By ▲ 0.28 (2.55%)
TRG 69.85 Decreased By ▼ -1.10 (-1.55%)
UNITY 23.65 Decreased By ▼ -0.30 (-1.25%)
WTL 1.31 Decreased By ▼ -0.07 (-5.07%)
BR100 7,280 Increased By 64.2 (0.89%)
BR30 23,637 Increased By 105.1 (0.45%)
KSE100 70,315 Increased By 694.7 (1%)
KSE30 23,132 Increased By 221.5 (0.97%)
Markets

Pound dips after risk-led recovery

  • Sterling has traded largely in line with global risk sentiment in financial markets in recent weeks, tracking the direction of world stock markets higher or lower.
Published August 26, 2021 Updated August 27, 2021

LONDON: Britain's pound dipped against the dollar on Thursday while still holding on to gains made on the back of a risk-led recovery this week that saw it reclaim the $1.37 level.

Sterling has traded largely in line with global risk sentiment in financial markets in recent weeks, tracking the direction of world stock markets higher or lower.

While concerns about the Delta variant of coronavirus have rattled stocks, higher commodity prices have helped put a floor under riskier, growth-correlated currencies, including the pound.

Sterling was 0.4pc lower to the dollar at $1.3705 by 1714 GMT, clinging on to a gain of 1pc against the greenback this week.

Sterling rebounds after last week's selloff

It was 0.3pc lower against the euro at 85.75 pence.

"With no domestic factors currently driving sterling's movements, GBP/USD has been largely following the risk recovery higher thanks to USD weakness, although EUR/GBP remains quite stuck in its recent range," ING strategists said in a note.

If the dollar stabilises before the Federal Reserve's annual symposium in Jackson Hole on Friday, the sterling/dollar rate could struggle to move back above the $1.3800 200-day moving average, they said.

Investors will watch the Wyoming event, attended by prominent central bankers, for further clues on potential tapering by the Fed.

Comments

Comments are closed.