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Sterling Hits Post Referendum High

Sterling Hits Post Referendum High

Sterling gains over the last 24 hours takes UK currency to its highest level against the Euro since 2016 and the immediate aftermath of the EU referendum.

The pound rallied as UK government bond yields recovered following their sharpest one-day fall since the Brexit referendum on Tuesday and investor sentiment improves on hopes Ukraine and Russia will seek to negotiate a ceasefire. The Russian delegation on Wednesday made itself available for a second round of Russian-Ukrainian talks, a Belarusian state-run news agency confirmed on Wednesday.

As trading gets underway this morning, EUR/USD remains at 1.11, having traded as low as 1.1060 yesterday. The firmer tone to sterling sees GBP/EUR open above the 1.2050 mark with Cable (GBP/USD) operating just below the 1.34 level.

Looking ahead today, the only release of note is the Eurozone unemployment rate (Jan) although sentiment will continue to be dominated by news headlines regarding the conflict in Ukraine.

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