Friday 11 November 2016

Pound recovers after US election


Pound Sterling is continuing to recover after uncertainty grew over US election.

The news will bring some respite to businesses that import goods, and to holidaymakers buying foreign currency.

For the first time in five weeks sterling is worth $1.26, having sunk as low as $1.21 a month ago. That is a rise of about 4%.

Against the euro, the pound has risen by more than 6% over the same period, up from €1.09 to €1.16.

It jumped further when figures on the construction industry were published, which were not as bad as expected.

One analyst said the US election had put concerns about Brexit "on the back burner".

Donald Trump's election as US President has also raised hopes that the UK may find it easier to negotiate a trade deal with the US.



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