Sterling has rocketed to a ten-month high against the dollar today as bullish equities and oil prices boosted market sentiment and investors' risk appetites.
The pound reached $1.6851, spurred by better-than-expected UK manufacturing PMI data. It also hit a one month high against the Euro. Optimism has been building in the markets following GDP data out in the US on Friday which exceeded analysts' expectations. While investors expected a fall of 1.5%, data revealed a slump of only 1%, the slowest rate of decline in four quarters. Indicators of an improvement in the world's largest economy prompted investors to head towards riskier assets. "While we're still a long way off the $2 to £1 heights of last year, the pound has rebounded sign...
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