Pound hits highest level in almost three years as optimism about the vaccine rollout grows
Sterling rose above $1.39 for the first time since April 2018
The pound hit its highest level in almost three years amid increasing optimism about the vaccine rollout across the UK.
Sterling rose above $1.39 for the first time since April 2018 – reaching a high of $1.3918 – as investors around the globe snapped up the currency.
The pound has been boosted by hopes the UK economy could be one of the fastest to recover from the pandemic. Experts believe it could reach $1.45 this year – levels last seen before the Brexit referendum.
Against the euro the pound was also up at €1.1463 – last touched in April 2020.
The Government successfully met its target for offering the jab to all over 70s. Only Israel and the United Arab Emirates have been faster in rolling out the jabs.
But Kit Juckes, strategist at Societe Generale, urged caution warning that the UK will only fully recover economically once the rest of the world is vaccinated as the country’s economy is global.