Sterling rises above US$1.40 for first time since February | Malay Mail

The new polymer 5 pound Sterling note featuring Sir Winston Churchill, is unveiled at Blenheim Palace in Oxfordshire, Britain June 2, 2016. — Reuters picLONDON, May 10 — The pound broke above the key US$1.40 level for the first time in more than two months today, reaching as high as US$1.40725 in early London trading, despite a win for pro-independence parties in Scottish elections.

“The likelihood of a second referendum should increase but it is not yet certain to be held and the potential timing remains unclear,” wrote MUFG currency analyst Lee Hardman in a note to clients. Analysts said the move in cable was due more to dollar weakness, as the greenback dropped to a two-month low after a disappointing US employment report.It was up 0.7 per cent on the day at 86.335 pence per euro – which was only its strongest since last Thursday.

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