The pound was little changed on Wednesday as investors weighed the possibility that a COVID variant, first found in India, could delay the final phase of reopening in Britain on June 21..
Sterling ‘s strong rally that has taken it to its highest level since April 2018 shows no sign of running out of steam just yet, although there could be some consolidation first.
UK house prices jump by 10 9% in May rte.ie - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from rte.ie Daily Mail and Mail on Sunday newspapers.
British house prices jumped by an annual 10.9%, the most in nearly seven years, and they look set to accelerate further as people seek new homes after the pandemic, mortgage lender Nationwide said. .
COVID variant fears and profit taking knock sterling from 3-year high
The pound edged lower on Tuesday after touching a fresh three-year high versus the dollar as investors took some profit off the table and turned more cautious amid fears around the spread of COVID variants in Britain.
Sterling hit its highest level since April 2018 of $1.4250 during the Asian session against the dollar, with analysts attributing it to positive global investor sentiment towards the UK economic recovery.
Well into the London session after a long weekend, sterling reversed its course to edge 0.2% lower at $1.4182 versus the dollar at 1125 GMT. It was down 0.1% against the euro at 86.18 pence..