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LONDON, Feb 17 — Sterling hit a 10-month high against the euro today as investors bet Britain’s Covid-19 vaccinations would help its coronavirus-battered economy reopen quickly and recover from its biggest hit in 300 years.
The pound rose 0.2 per cent against the euro to as high as 86.84 pence, its highest since April 2020. A day earlier, it had climbed to its best against the common currency since May last year.
Britain has vaccinated 15.6 million people with a first dose against Covid-19 so far, with bets that its tattered economy could reopen quickly bolstering the pound.
Expectations of large fiscal stimulus in the United States have also sent the pound to its highest in two-and-a-half years against the dollar.
Still, the pound fell 0.1 per cent against the dollar to US$1.3890 (RM5.61). It has given up around 0.5 per cent from the US$1.3955 climbed against the greenback yesterday, its highest since April 2018.
“The UK’s successful vaccine rollout puts the economy in a relatively good spot,” analysts at BMO Capital Markets said in a note. — Reuters
Source: Malay Mail
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