Forex

British pound sterling temporarily hits eight-week high

British Pound

Monday, as investors integrated bets before an EU summit as well as against the scenery of an impending political crisis in Ireland,the British pound sterling shortly capped an eight-week high. In the early trade against the United States dollar, the British pound sterling hit a near two-month high of $1.3383, and is headed to post its first monthly rise in three months.

However, sterling gave up some its early gains and settled flat against the greenback at $1.3351. Against its Japanese counterpart, the British pound sterling was also seen flat and settled at 148.41 yen.

In accordance to the anticipated EU summit on Brexit which will be held in mid-December, investors and analysts are now anxious that the pound will become more susceptible to political headlines as the date nears.

In addition, Jane Foley, Rabobank currency strategist in London said that sterling has become more tense as the focus somehow changed from the EU summit, which is now more or less binary event to the Northern Ireland issues which is far more complex.

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