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Sterling rises as dollar weakens, approaching $1.30

Wednesday,   29-Jul-2020   03:00 PM (IST)

Sterling benefited as the dollar weakened, rising 0.3%, but was flat against the euro on Wednesday, as the impression grew that the rest of the world was handling the coronavirus pandemic better than the United States. The pound rose to above $1.29 to a five-month high of $1.2977, close to its pre-coronavirus levels. It was unchanged versus the euro at 90.66 pence. Overnight implied volatility gauges in sterling/dollar rose to a month-and-a-half high of nearly 11, suggesting traders were prepared for some price turbulence on Wednesday. Others said the moves were most likely caused by a broad weakening in the U.S. dollar. In addition, Britain said on Wednesday that it had signed a supply deal for up to 60 million doses of a possible COVID-19 vaccine. As one the hit hardest by the coronavirus, Britain could get back on its feet if a vaccine was widely available.