Tue, 21 May 2019

Sterling, U.S. stocks in demand

By Jay Jackson, Colorado State News
14 Mar 2019, 07:11 GMT+10

NEW York, New York - Wall Street was on the march again Wednesday, shrugging off recent losses.

Optimism about the UK's handling of Brexit received some welcome relief, sending the pound soaring.

The British parlaiment voted to prevent a no-deal Brexit.

The U.S. dollar fell across the board, partly due to unwinding of crosses involving short sterling positions.

At the close of trading Wednesday the Dow Jones industrials were ahead 148.23 points or 0.58% at 25,702.89.

The Standard and Poor's 500 added 19.40 points or 0.69% at 2,810.92.

The Nasdaq Composite rose 52.37 points or 0.69% to 7,643.41.

On foreign exchange markets the British pound was the centre of attraction. The pound rose to dizzying heights, adding almost 3 cents to a yearly high.

Around the New York close Wednesday the pound was quoted at 1.3336.

The euro gained ground as well, easily hurdling the 1.1300 mantle to trade at 1.1332 around the New York close.

The Japanese yen rose to 111.14.

The Swiss franc was firmer at 1.0035, while the Canadian dollar rallied to 1.3299.

The Australian dollar was in demand at 0.7095, while the New Zealand dollar advanced to 0.6857.

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