LONDON, Aug 24 — Sterling edged lower against the dollar today, but held most gains made against the greenback on the back of a risk rebound at the start of the week that saw the British currency bounce nearly 1 per cent.
By 0818 GMT today, sterling was 0.2 per cent lower to the dollar at US$1.3697 , but still holding on to its Monday bounce.“What we saw yesterday was the pound, along with other high-beta G10s, riding on the coattails of the positive sentiment seen in global equity markets, a sharp contrast to last week,” said Michael Brown, senior market analyst at Caxton FX.
Speculators reduced their net long position on the pound in the week up to last Tuesday, CFTC data showed on Friday. This means that speculators are less bullish on the currency than they were earlier.
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