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Sterling rises against US dollar as stock market rallies
Sterling strengthened against the dollar on Monday as global risk sentiment improved, lifting European equities.Risk sensitive sterling has shown a strong correlation with the equity market, which rose on Monday as an easing of COVID-19 restrictions in China boosted commodity prices. The pan-European STOXX 600 index was up 1.3% at a two-week high at 0815 GMT. The pound was up 0.3% versus the dollar at $1.2319, after briefly touching a 10-day high against the greenback.“The pound is being buoyed by the more supportive risk backdrop this morning, as evidenced by equities, but moves are very limited and the pound ... (full story)