Monday, 13 Jul 2020 05:25 PM MYT
LONDON, July 13 — Sterling/dollar rose today towards its 200-day moving average of US$1.27 , though it was last trading neutral at US$1.2619. Against the euro, the pound was 0.2 per cent weaker at 89.67 pence, but it was still moving towards its 55-day moving average at 89.30. Second only to the Norwegian crown, sterling has been the best-performing currency so far in July as traders moved into more risky assets such as equities, buoyed by hopes of an economic recovery post-Covid-19.
“The pound remains strongly positively correlated with the performance of global equities,” said Lee Hardman, currency analyst at MUFG.
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