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Tuesday, June 22, 2021

The pound experiences a 3-month high increase against the dollar

Since February, the increasing of the pound has reached its highest point against the dollar, right after the Conservative party secured its grasp on power, while dealers were happy for the country’s reopening.

On Monday, the sterling jumped 0.8 percent in opposition to the dollar in order to exchange as high as $1.4097. On the other hand, the euro dropped 0.6 percent against the pound to exchange at 86.4p. With all this happening, UK’s currency experienced a strong run by acquiring 1.9 percent in opposition to the dollar.

Boris Johnson – UK’s Prime Minister, along with his party gained an election success in the midterm elections that were held last week in the UK, to move forward with the vaccine implementation in the country.

The government’s plan to get rid of the pandemic restrictions on May 17, has pushed the traders to buy the sterling because it is expected to increase the economy as well. Moreover, Johnson will announce a modification of the restrictions on Monday, which marks the 3rd stage of easing the Covid-19 pandemic restrictions in England.

This means that indoor serving is set to continue from next week in pubs or restaurants, this also includes indoor exercise and sport too. Apart from this, cinemas and hotels will also reopen again.

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