Pound on track for biggest weekly gain in four months against dollar

The pound rallied on Friday, heading for its biggest weekly gain against the dollar in nearly four months, remaining close to the previous day’s near four-year highs, as the dollar weakened more than the British pound strengthened.

The pound rose 0.14 percent against the dollar to $1.13745, approaching Thursday’s peak of $1.37701, its highest since late 2021.

Conversely, the pound held steady against the euro at 85.24 pence, confirming that the British currency’s recent movements are more closely linked to the dollar’s decline.

Rabobank analysts said, “The pound’s gains against the dollar (cable) primarily reflect the dollar’s weakness this year and the euro’s strength, which has pushed sterling higher amid a narrow trading range between the euro and the pound.”