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Pound hits a 31-month high

Pound hits a 31-month high

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Jim Anderson - Public Relations

On Monday, the British pound reached a 31 – month high against the euro and a seven – month high against the US dollar amid growing confidence in the conservative party’s victory on Thursday, putting an end to political paralysis over Brexit. By 9:00 London time, the euro reached a low of 0.8406 to the pound, the lowest level since May 2017.

The pound rose as fears of a “suspended” parliament receded after a public opinion poll showed on Monday that a conservative party had increased leadership over Labor to 14 percentage points from 9 points a week ago. The pound peaked against the dollar at 1.2180 – the highest level since May, and last traded at 1.31631.

On Monday, demand for the dollar was supported by a strong Friday employment report, but the currency is not easy due to fears of an escalation of the trade war between the US and China. The US dollar index fell to 97.59 after rising by 0.3% on Friday. The euro was trading at 1.1065 after reaching a weekly low of 1.1039 on Friday.