Pound surges as UK is seen in lead
11 April 2012
The pound surged against the dollar and other currencies today, extending a recovery from five-year lows after the £37 billion bank bailout.
Sterling was up 3.09 cents against the greenback to $1.7599, having dived to a five-year low of $1.6903 on Friday as the stock market tumbled. Traders pointed to a feeling Britain is leading the way in solving the financial crisis gripping world markets as well, as to broad dollar weakness.
A climb in the euro against the dollar added strength to the rally. It came despite inflation soaring to a 16-year high of 5.2% and further evidence from the housing market and High Street that Britain is plunging deep into recession.
