Sterling rises to $1.60 versus dollar

Posted by 7Star Thursday, May 28, 2009

Sterling retained a broadly bullish tone on Wednesday as the pound breached the key $1.60 level against the dollar, a near seven-month high. Receding pessimism about the UK economy and financial sector buoyed the pound, as well as rising equities and higher oil prices, prompting investors to shed the dollar and yen for perceived riskier assets.

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