The pound on Monday gave back some of the gains made last week on the back of in...
LONDON - The pound on Monday gave back some of the gains made last week on the back of investors pricing in looser financial conditions under Britain’s new finance minister, but remained above $1.30 with speculators maintaining long positions on the currency.
But on Monday, the pound shed some of that strength, to trade down 0.3% at $1.3010, though still quite far from the recent low of $1.2873. It also fell 0.3% against the euro at 83.28 pence. “Building expectations for looser fiscal policy are helping to boost optimism that the UK economy could outperform this year at least relative to downbeat expectations and other major economies,” Lee Hardman, currency analyst at MUFG, said.
Leveraged funds were slightly more positive about the British currency as they added a small amount of long positions on the pound in the week to Feb. 11, taking the total amount of longs at $1.71 billion.
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