Sterling Surges to 2024 High Amid Dollar Weakness, Euro Stagnant
Sterling hits 2024 high at 1.337 vs USD as a weaker dollar boosts the Pound. Euro remains flat at 1.116, with weak PMI data weighing on its performance.
Published on 1 Oct 2024
, 1 minute read
Here’s this week’s overview of the Euro and Sterling:
Sterling
Sterling closed 0.4% stronger at 1.337 against USD at close on Friday last week, a new 2024 high.
Economic activity PMIs were slightly weaker than expected, although still showing expansion. The Pound gained last week largely due to a weaker dollar.
The new centre-left Labour Party government in the UK has set a tone of mild fiscal stringency and economic responsibility, coupled with an ambition to raise growth rates. Markets await clarity on what this means in detail, but so far, the tone has helped buoy sterling.
Euro
The Euro traded flat against the dollar last week and ended the week trading at 1.116. Disappointing PMI data and sentiment weighed on the common currency as it failed to move higher against a weaker dollar. Inflation data this week will be closely watched by markets.
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