Pound rides risk rebound, erases week’s losses vs. dollar | Malay Mail

LONDON, July 22 — Britain’s pound erased its losses on the week against the dollar today as recovering risk sentiment in global markets helped buoy currencies correlated with economic growth.

The best performing “G10” currency on the day, sterling was up 0.4 per cent at US$1.3763 by 1400 GMT.“We’re seeing a modest, risk-baked rebound which has taken the pound back above the 200-day moving average, particularly in cable,” said Jeremy Stretch, head of FX strategy at CIBC World Markets, adding that he wasn’t sure about buying into the rebound unless it looked durable.

Britain’s government has said it is working closely with sectors impacted by an increased number of workers being forced to self-isolate at home after being contacted by a coronavirus app saying they had been in close proximity to a confirmed case.

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