Pound Climbs Out Of Five Month Rut Against Dollar – 4 July, 2019

Worries of a no deal Brexit stopped the British currency in its tracks as it rose from the five month low against the dollar it had hit earlier in the day. Sterling gained 0.4% to $1.2712 for a 3% rise in June gains, aided by the 0.15% drop in the dollar index. The pound gained 0.24% against the euro to 89.52 pence, adding to the 4% it had given up to the euro since April. The frontrunner to replace Prime Minister Theresa May, Boris Johnson, has vowed to leave the European Union with or without a Brexit deal. Despite the ongoing pressure, sterling didn’t cause much harm to the British economy which grew the expected 0.5%.