Sterling maintains gains amid expectations government will spend more
LONDON - Sterling remained above $1.30 on Monday as investors priced in looser financial conditions under Britain’s new finance minister.
Johnson wants to increase spending on everything from infrastructure and police to health and education. Sunak has backed higher public spending, most recently speaking in support of multi-billion-pound transport projects. “The positive impact on the pound from the improving outlook for the UK’s economy is outweighing the negative weight provided by continued concerns over the UK’s future trading relationships in the near-term,” Hardman said.
But leveraged funds were slightly more positive about the British currency as they have added a small amount of long positions on the pound in the week to Feb. 11, taking the total amount of longs at $1.71 billion.
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