Sterling jumps about 1% after falling last night from $1.38 | latest news

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The sterling pound jumped about 1% during trading Monday, June 21, recovering from last night’s decline, which brought it to its lowest level against the dollar since mid-April, after the US Federal Reserve surprised the market with a tough tone last week.

At 1540 GMT, sterling was up 0.9% at $1.3913 after falling to $1.3786, its lowest level since April 16.

The US central bank indicated last week that it would raise interest rates and end its emergency bond-purchasing program sooner than expected.

Analysts said that a more optimistic economic assessment from the Bank of England, which meets next Thursday, may push the sterling to cross the $1.40 barrier.

Against the European currency, sterling rose 0.35% to 85.56 pence per euro, after ending on Friday its worst week against the single currency since last April.





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