LONDON, Jan 6 — The pound fell versus the dollar and euro today, pulling back from some its recent gains in a dip driven by dollar strength following the release of more hawkish than expected Federal Reserve minutes.
These sparked worries about faster than expected monetary policy tightening as they showed that a “very tight” job market and unabated inflation might require the Fed to raise rates sooner than expected. European shares slid 1 per cent.Versus the euro it was down around 0.2 per cent at 83.625 pence per euro.Still, the pound had a strong start to the year, having strengthened against the dollar on Tuesday and yesterday and risen from the one-year low of US$1.31615 seen in December.
“The pound has staged a strong rebound over the holiday period, reflecting in part position adjustment as short positions have been scaled back,” MUFG currency analyst Lee Hardman said in a note to clients. Although Britain has seen record prevalence of the virus, with one in fifteen people in England infected, Prime Minister Boris Johnson has resisted imposing stricter lockdown measures in England.
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