Sterling rises against dollar and euro on risk appetite
The pound rose against major currencies on Tuesday as improved risk appetite and hopes for a Middle East peace deal weighed on the dollar. Investors are shifting focus toward UK economic resilience and foreign direct investment inflows ahead of upcoming GDP data and the Makerfield by-election.
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GBP/USD rose 0.36% to $1.3385 on Tuesday as a rally in global stocks and hopes for a Middle East peace deal weakened the United States dollar. The euro fell 0.13% to 86.33 pence against the pound, which hit a two-week high after touching 86.27 pence. The recovery follows a sharp drop on Friday driven by dollar strength and escalating Middle East violence.
