Markets

Sterling tops $1.62 after dollar retreat

Published October 9, 2014 Updated October 9, 2014 09:33am

1 min

By Shoaib Ur Rehman

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LONDON: Sterling rose above $1.6200 for the first time in a week on Thursday, extending overnight gains in early European trade after the US Federal Reserve sent a warning shot about the dollar's three-month march higher.

Sterling gained another 0.2 percent compared to Wednesday's US close of trade at $1.6208 and was up almost 2 full cents compared to prices late in the previous session in Europe.

The pound was suffering against the euro, however, the single currency trading just off three week highs around 79.00 pence.

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