Sterling headed for first weekly gain in five

Media IN LONDON, June 07, 2019, SPA

Sterling was on course for its first weekly gain in five on Friday, helped mostly by a weakening dollar.

Sterling rose 0.2% to $1.2710, leaving it up 0.6% and snapping four consecutive weeks of losses. Against the euro the British currency has struggled, too, and failed to make much of a recovery this week.

However, it rose 0.3% to 88.595 pence per euro on Friday, after the euro slipped back across the board.

On Thursday, the euro had rallied after the European Central Bank sounded less dovish about monetary policy and the economic outlook than expected.