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Pound set for worst week in months as global jitters boost dollar

Sterling touched one-month lows against a robust dollar and the euro. This has capped the pound’s worst week in months as global risk aversion propelled investors towards currencies considered safer. Risk currencies such as sterling have taken a knock, and also has worries that the Delta coronavirus variant could derail the global recovery. British retail sales unexpectedly fell last month. But according to analysts, pound was more likely to be driven by global risk sentiment than by the UK data.

Official data showed that the retail sales volumes dropped by 2.5%. The British pound was last trading at $1.3624. Sterling was down almost 1.8%. Sterling also fell to a one-month low against the euro at 85.82 pence. And then in later European trading it was marginally lower. It has weakened 0.7% versus the common currency this week. This shows that it is on track for its biggest weekly drop since early April.

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Derek Halpenny, head of research, global markets EMEA at MUFG, said that with the markets priced for Bank of England action in 2022, the pound will remain vulnerable to an extension of risk-off that starts to result in investors questioning the ability of G10 central banks to raise rates at all. But they don’t think that, they are at that juncture yet.

Tags: DollarEconomyPound

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