Pound takes breather after hitting highest point against dollar since 2022
The pound pulled back slightly against the dollar on Friday in European trading hours, dipping almost 0.3% to trade around the $1.354 mark.
Sterling's rally has sent it to its highest point against the greenback since 2022, but that's largely due to dollar weakness, analysts say.
'Domestic factors have also been supportive of sterling," said Matthew Ryan, head of market strategy at global financial services firm Ebury.
Read more: FTSE 100 LIVE: Stocks mixed as traders weigh up Trump-Musk row and trade war developments
'This week's updated UK PMI figures provide reason for optimism, as the composite index was revised sharply higher to 50.3 in May (from the initial 49.4 estimate), i.e. back above the key level of 50 that separates growth from expansion.
'As we've been stressing for some time, Britain's economy should be well positioned to weather the tariff storm, while at the same time inflation is printing well above the Bank of England's 2% target."
The dollar index (DX-Y.NYB) headed 0.2% higher, meanwhile. The index tracks it against a basket of other currencies.
The pound was almost flat against the euro following a Thursday interest rate cut by the European Central Bank (ECB).
Read more: Average UK house price falls in May after stamp duty changes
The bloc cut interest rates by a quarter of a percentage point for the eighth time in a year, as the bank attempts to support the euro economy after the turmoil caused by US president Donald Trump's trade war.
The benchmark rate on the deposit facility has been reduced from 2.25% down to 2%, from a high of 4% toward the middle of 2023.
Gold prices headed higher as economic uncertainty persists surrounding president Trump's trade tariffs.
The yellow metal rose despite a strengthening dollar. Spot gold prices rose 0.4% to $3,364, while gold futures headed 0.3% higher to trade around $3,384.
The weakness in the dollar in recent weeks has made it cheaper for buyers holding other currencies to snap up gold — a safe haven in uncertain times.
"There is considerable geopolitical uncertainty with Russia-Ukraine, Iran, Syria and China driving people to buy gold... and although traders may not expect gold to rise as quickly, there is still plenty of upside," Daniel Pavilonis, senior market strategist at RJO Futures told Reuters on Thursday.
Oil prices were on the back foot on Friday, pulling slightly lower amid concerns about oversupply and economic growth.
Brent crude futures (BZ=F) fell 0.3% to $64.59 a barrel, while West Texas Intermediate futures (CL=F) declined 0.3% at $63.18 a barrel.
Read more: The most popular stocks and funds investors bought in May
Saudi Arabia has bee pushing for a major increase in oil production and has slashed prices for Asian buyers, signalling weaker demand, analysts said.
The July price cut by Saudi Arabia, which is the world's biggest oil exporter, comes after the decision from the Organization of the Petroleum Exporting Countries and their allies — known as OPEC+ — to increase output next month.Sign in to access your portfolio
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Business Upturn
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an hour ago
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