Sterling rebounds after last week’s selloff


Wads of British Pound Sterling banknotes are stacked in piles at the Money Service Austria company’s headquarters in Vienna, Austria, November 16, 2017. REUTERS/Leonhard Foeger/File Photo

LONDON, Aug 23 – Sterling rebounded against the dollar and euro on Monday as risk sentiment across markets recovered after jitters over global growth sparked a sell-off last week.

The pound gained 0.7% against the broadly weaker dollar, taking it back above $1.37, after it swung 1.8% lower the previous week.

Against the euro, the pound was up 0.4% at 85.55 pence.

Sterling was coming off its worst week in two months against both currencies, amid concerns the Delta coronavirus variant could derail the global recovery and worries major central banks will quickly taper emergency stimulus.

The improvement in sentiment was reflected in equity markets, with stocks gaining across global markets on Monday. read more

The pound strengthened despite survey data published showing…

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