Beautiful Virgin Islands

Monday, Jul 14, 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

Beautiful Virgin Islands
0:00
0:00
Close
Hong Kong Advances Digital Asset Strategy to Address Economic Challenges
Australia Rules Out Pre‑commitment of Troops, Reinforces Defence Posture Amid US‑China Tensions
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
U.S. Resumes Deportations to Third Countries After Supreme Court Ruling
Excavation Begins at Site of Mass Grave for Children at Former Irish Institution
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
EU Delays Retaliatory Tariffs Amid New U.S. Threats on Imports
Trump Defends Attorney General Pam Bondi Amid Epstein Memo Backlash
Renault Shares Drop as CEO Luca de Meo Announces Departure Amid Reports of Move to Kering
Senior Aides for King Charles and Prince Harry Hold Secret Peace Summit
Anti‑Semitism ‘Normalised’ in Middle‑Class Britain, Says Commission Co‑Chair
King Charles Meets David Beckham at Chelsea Flower Show
If the Department is Really About Justice: Ghislaine Maxwell Should Be Freed Now
NYC Candidate Zohran Mamdani’s ‘Antifada’ Remarks Spark National Debate on Political Language and Economic Policy
President Trump Visits Flood-Ravaged Texas, Praises Community Strength and First Responders
From Mystery to Meltdown, Crisis Within the Trump Administration: Epstein Files Ignite A Deepening Rift at the Highest Levels of Government Reveals Chaos, Leaks, and Growing MAGA Backlash
Trump Slams Putin Over War Death Toll, Teases Major Russia Announcement
Reparations argument crushed
Rainmaker CEO Says Cloud Seeding Paused Before Deadly Texas Floods
A 92-year-old woman, who felt she doesn't belong in a nursing home, escaped the death-camp by climbing a gate nearly 8 ft tall
French Journalist Acquitted in Controversial Case Involving Brigitte Macron
Elon Musk’s xAI Targets $200 Billion Valuation in New Fundraising Round
Kraft Heinz Considers Splitting Off Grocery Division Amid Strategic Review
Trump Proposes Supplying Arms to Ukraine Through NATO Allies
EU Proposes New Tax on Large Companies to Boost Budget
Trump Imposes 35% Tariffs on Canadian Imports Amid Trade Tensions
Junior Doctors in the UK Prepare for Five-Day Strike Over Pay Disputes
US Opens First Rare Earth Mine in Over 70 Years in Wyoming
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
Bitcoin Reaches New Milestone of $116,000
Biden’s Doctor Pleads the Fifth to Avoid Self-Incrimination on President’s Medical Fitness
Grok Chatbot Faces International Backlash for Antisemitic Content
Severe Heatwave Claims 2,300 Lives Across Europe
NVIDIA Achieves Historic Milestone as First Company Valued at $4 Trillion
Declining Beer Consumption Signals Cultural Shift in Germany
Linda Yaccarino Steps Down as CEO of X After Two Years
US Imposes New Tariffs on Brazilian Exports Amid Political Tensions
Azerbaijan and Armenia are on the brink of a historic peace deal.
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Weinstein Victim’s Lawyer Says MeToo Movement Still Strong
U.S. Enacts Sweeping Tax and Spending Legislation Amid Trade Policy Shifts
Football Mourns as Diogo Jota and Brother André Silva Laid to Rest in Portugal
Labour Expected to Withdraw Support for Special Needs Funding Model
Leaked Audio Reveals Tory Aide Defending DEI Record
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
London Stock Exchange Faces Historic Low in Initial Public Offerings
A new online platform has emerged in the United Kingdom, specifically targeting Muslim men seeking virgin brides
×