Arab Press

بالشعب و للشعب
Saturday, Jul 12, 2025

Sterling reaches $1.39 in best performance for three years

Sterling reaches $1.39 in best performance for three years

FTSE 100 posts biggest daily gain for over a month as investors buoyed up by vaccine and US economy hopes
The pound has hit its highest level against the dollar for almost three years as global markets were buoyed up by hopes for a faster economic recovery from the coronavirus pandemic.

Sterling rose by 0.5% to hit a 33-month high against the dollar on Monday, trading above $1.39 on the global currency markets for the first time since 2018, while also rising to a nine-month high against the euro of almost €1.15.

Against a backdrop of growing optimism amongst global investors over the economic rebound from the crisis and rising commodity prices, the FTSE 100 closed up 2.5% at 6,756, marking the biggest daily gain for more than month. The biggest risers included British Airways owner IAG, which climbed 7%, National Express, which rose 11%, and cruise line Carnival, which ended the day up 8%.

The positive figures came after more than 15 million people in Britain had been offered their first coronavirus vaccine, and as Boris Johnson prepared to outline a roadmap next week for easing lockdown restrictions this spring. The UK’s Brexit deal, despite evidence of problems with cross-border trade a month on from leaving, has also relieved pressure on the currency.

Hopes for a swift global rebound were underscored by Japan’s leading stock market index hitting the highest level for more than 30 years, after closing above 30,000 on Monday. The Nikkei 225 index, which tracks the value of Japan’s biggest companies, rose 1.9% to finish the day up at 30,084.15. Wall Street was closed for Presidents’ Day.

The Nikkei breached the 30,000 mark after official figures showed Japan’s economy growing by 3% in the final months of 2020, a stronger showing than expected. Japanese gross domestic product (GDP) for the year as a whole shrank by 4.8%, the worst performance since 2009, when the financial crisis rattled the global economy.

It comes after the UK recorded a 9.9% fall in GDP last year, the worst performance among the G7 group of wealthy nations.

Analysts said global markets had started the week on a high as investors remained confident that disruption from continued lockdowns at the start of 2021 would soon give way to an economic boom as restrictions are relaxed. Brent crude hit a 13-month high on Monday, reaching more than $63 per barrel, with tin hitting a seven-year high and copper an eight-year peak.

However, concerns still remain over the threat from new coronavirus strains and the damage to businesses after a year of Covid disruption.

Russ Mould, investment director at the stockbroker AJ Bell, said: “The boost to sentiment is a global story reflected in Japan’s Nikkei-225 hitting a 30-year high and with Asian stocks in general posting big gains. The long-awaited US stimulus is a big contributor, along with vaccines, to the positive mood.”
Newsletter

Related Articles

Arab Press
0:00
0:00
Close
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Russia Formally Recognizes Taliban Government in Afghanistan
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Mediators Edge Closer to Israel-Hamas Ceasefire Agreement
Germany Seeks Taliban Deal to Deport Afghan Migrants
Emirates Airline Expands Market Share with New $20 Million Campaign
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
Qatar Airways Clears Backlog of Passengers Following Missile Threats
Iran's Parliament Votes to Suspend Cooperation with Nuclear Watchdog
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Oman Set to Introduce Personal Income Tax, First in Gulf
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
UK Deploys Jets to Middle East Amid Rising Tensions
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
×