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The surge has been blamed on rising fuel costs, pent-up demand for travel and airport passenger caps.
Sterling fell back below $1.07 in Asia trading after recovering from all-time lows in the previous session.
A couple of weeks ago, Alphaville wrote that sterling looked doomed, with dollar parity seemingly inevitable in the next few months. Following Friday’s ‘Fiscal Event’ (a phrase that surely deserves to become shorthand for ‘Post-Budget market boke’), UK assets have had quiteatime. The flash crash in cable to $1.035 on Monday, which landed during thin Asian trading, was a rude awakening for the UK but probably needs to be treated as an anomaly for now.
"I don't think you can start getting bullish on sterling," the founder of Odey Asset Management told the Financial Times.
The pub chain founded by Tim Martin, said it made a 'commercial decision' as costs of staff wages and repairs rise.
Huw Pill said that it is hard not to draw the conclusion that recent market uncertainty will require a 'significant monetary response'.
The dollar index, which measures the greenback against a group of major currencies, was last down 0.06% while Sterling after earlier climbing more than 1% to $1.0837, was last up 0.69%. The euro was up 0.18% at $0.9624, and the dollar slid 0.06% against the yen to 144.63. The euro was still not far above its more than 20-year trough hit a day earlier, and the yen was just off its 24-year low hit last week before Japanese authorities intervened to strengthen the currency.
The last time the British pound flirted with dollar parity, Margaret Thatcher was prime minister.
"I was very pessimistic about the consequences of utterly irresponsible UK policy on Friday. But, I did not expect markets to get so bad so fast."
British hedge fund manager Crispin Odey has said in an interview that the market has underestimate how long high inflation will remain, after revealing he has been shorting the U.K. pound and gilts for a while.
What does shorting the pound mean? What is currency speculation? What is parity?
‘Told you,’ tweets Nayib Bukele
By Geoffrey Smith
A new list has been created to help UK shoppers get the best bargains as the cost of living crisis bites.
Traders expect sterling to slide to just $1 before the end of the year, and there is also trouble brewing against the euro.