Local elections in Scotland strengthen the pound

Local elections in Scotland strengthen the pound

At around 9 pm, Pound Sterling gained 1.07% against the greenback at $ 1.4134 and 1.21% against the single European currency at 85.93 pence per euro.

The pound sterling advanced more than 1% against the main currencies on Monday, reinforced by the results of local elections in the United Kingdom and signed a mixed victory for separatists in Scotland and improving health conditions in the country.

Around 7:00 pm GMT (8:50 pm in Paris), the pound sterling gained 1.07% against the greenback at $ 1.4134 and 1.21% against the single European currency at 85.93 pence per euro.

The British currency had not crossed this mark of $ 1.41 since 25 February.

Currency traders were reacting to the UK local election results from Monday to Thursday, which saw the Scottish National Party (SNP) emerge victorious in Scotland, however, an absolute majority seat was missing.

“The main conclusion of Ballot is the reduction of political risks in the United Kingdom,” said Ricardo Evangelista, analyst at Activist Aces.

“The SNP failed to secure an absolute majority, leading most analysts to believe that London would be able to delay a new referendum on Scottish independence,” he said, noting what a “break-up” Short term risk. ” United Kingdom and the negative impact that such an event is likely to have on the value of its currency ”.

Analysts also outlined the state of health, which is improving across the channel, health of the economy and favorable to the British currency.

Fawad Razakzada of Thinkmark said, “The pound has been raised by optimism about the UK economy due to the rapid decline in cases of COVID-19 and deaths due to vaccination success.”

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Britain is to announce on Monday that it will continue with health restrictions, a move which will take effect on 17 May.

Since the start of the vaccination campaign in early December, more than 35 million of the United Kingdom’s 68 million residents have received the first dose of the Kovid-19 vaccine.

The dollar fell slightly against the euro after the fall on Friday, when it was punished by disappointing US employment figures.

The greenback took 0.14% against the single European currency to 1.2146 euros in dollars.

On the cryptocurrency front, Ethereum, the number two marketplace, crossed the $ 4,000 mark for the first time in its history on Monday, rising to $ 4,210. As of January 1, it was priced under $ 1,000.

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