LONDON, May 3 — Sterling rose today against a weakening dollar ahead of US jobs data due later in the day, while local elections in Britain have left the currency...
Sterling rose today against a weakening dollar ahead of US jobs data due later in the day, while local elections in Britain have left the currency undisturbed. — Reuters picLONDON, May 3 — Sterling rose today against a weakening dollar ahead of US jobs data due later in the day, while local elections in Britain have left the currency undisturbed.
In Britain, the opposition Labour Party won a parliamentary seat in Blackpool South and control of several councils, inflicting heavy losses on the governing Conservatives.The thumping victory, which set the tone for two days of local results before a national election this year, left sterling undisturbed.
“The ruling Tory party has not fared well, but this has not come as a surprise. While cable is pushing higher today, this is the result of a broadbased fall in the US dollar.”After payrolls data, markets will be looking to the Bank of England’s meeting next week for clues on when its policy easing could begin, Foley added.
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