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Sterling rose to a 3-1/2 month high on Wednesday, paring early losses triggered by dovish Bank of England minutes and weak jobs data, as investors reversed bearish bets on the UK currency and the greenback came under fresh selling pressure.
The pound was also buoyed by buying from a UK clearer, said to be related to a merger and acquisition deal, although investors were sceptical about further gains given an anaemic outlook for growth in Britain and increasing speculation that monetary policy could be eased further.
The pound was last trading up 0.8 percent at $1.6574, its highest since May 3, after racing through stops at $1.6480 and $1.6500. It earlier fell to a session low of $1.6348 after the BoE minutes saw two more rate setters ditching their call for rate hikes. Sterling also dipped against the euro in the aftermath of the BoE minutes but struggled to pare those losses.
The single currency last traded up 0.1 percent on the day at 87.65 pence, helped by a rally in the euro versus the dollar on the back of improved risk sentiment. Jeremy Stretch, head of currency strategy at CIBC World Markets, said the ongoing eurozone debt crisis, which is threatening to engulf the region's core economies of Italy and Spain, would hamper euro gains. "North of the 88 pence mark will be pretty heavy going," he said. "While we can point to a number of economic problems in the UK, they are just as big if not bigger in the eurozone."

Copyright Reuters, 2011

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