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SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Profit-taking puts sterling on track for worst day vs euro since February

04/06/2021 | 06:44am EDT
FILE PHOTO: Pound Sterling notes and change are seen inside a cash resgister in a coffee shop in Manchester

* Graphic: World FX rates in 2020 http://tmsnrt.rs/2egbfVh

* Graphic: Trade-weighted sterling since Brexit vote http://tmsnrt.rs/2hwV9Hv

LONDON, April 6 (Reuters) - Sterling slipped on Tuesday and was on track for its worst day against the euro in five weeks as investors took some cash off the table, while continuing to bet on a speedy re-opening of the British economy.

Expectations of a UK economic rebound, spurred by a rapid COVID-19 vaccination program, have just helped sterling to record its best quarter since 2015 versus the single currency.

But as traders returned from the long Easter weekend, the pound fell as much as 0.7% to 85.51 pence versus the euro at 1440 GMT, putting it on track for its worst session since Feb. 25.

Sterling also fell 0.5% against the dollar to $1.3844, after earlier touching $1.3919, its highest since March 19.

"It is the re-opening of London this morning that is seeing sterling under some initial pressure, as sellers have returned and taken advantage of the rally seen over the last 24 hours or so," said Stuart Cole, chief macro strategist at Equiti Capital in London.

Cole added the selling appeared to be a mixture of profit-taking and new short positions being initiated.

On Monday, the pound recorded its best day against a weakening dollar since Feb. 18, as U.S. Treasury yields held below recent highs. Low liquidity, with many parts of the world off for the Easter break, was seen exaggerating moves.

Market participants continued to expect further gains for the pound in the months ahead.

With the vaccine program rolling out rapidly across Britain and infection numbers falling, Prime Minister Boris Johnson confirmed on Monday a planned re-opening of the economy would take place next week.

Shops, gyms, hairdressers and outdoor hospitality areas in England will re-open. The government is also looking at a COVID-status certification system, or vaccine passport, to help re-open larger events.

Britain will begin the rollout of Moderna's COVID-19 vaccine in mid-April, vaccine deployment minister Nadhim Zahawi said on Tuesday, adding the inoculation program was on track to meet government targets.

Some 12 million second doses are planned to be distributed in April.

Johnson also said on Monday his government hoped non-essential international travel would resume from May 17.

(Reporting by Joice Alves; Editing by Larry King and Mark Potter)

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / EURO (AUD/EUR) -0.22% 0.6431 Delayed Quote.2.33%
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) -0.26% 0.77436 Delayed Quote.0.24%
BRITISH POUND / EURO (GBP/EUR) -0.24% 1.15894 Delayed Quote.3.17%
BRITISH POUND / US DOLLAR (GBP/USD) -0.27% 1.3952 Delayed Quote.1.05%
CANADIAN DOLLAR / EURO (CAD/EUR) -0.35% 0.660707 Delayed Quote.3.70%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.39% 0.79522 Delayed Quote.1.74%
EURO / BRITISH POUND (EUR/GBP) 0.22% 0.8625 Delayed Quote.-3.04%
EURO / US DOLLAR (EUR/USD) -0.03% 1.2035 Delayed Quote.-2.03%
INDIAN RUPEE / EURO (INR/EUR) -0.70% 0.011012 Delayed Quote.0.06%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.75% 0.01326 Delayed Quote.-1.94%
MODERNA, INC. -3.26% 156.5 Delayed Quote.54.98%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) -0.03% 0.71847 Delayed Quote.-0.74%
S&P GSCI GOLD INDEX 0.47% 1036.5629 Delayed Quote.-6.57%
US DOLLAR / EURO (USD/EUR) 0.03% 0.830841 Delayed Quote.2.08%
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Financials (USD)
Sales 2021 17 140 M - -
Net income 2021 9 359 M - -
Net cash 2021 11 099 M - -
P/E ratio 2021 7,18x
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Capitalization 64 849 M 64 849 M -
EV / Sales 2021 3,14x
EV / Sales 2022 3,34x
Nbr of Employees 1 300
Free-Float 89,0%
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Last Close Price 161,91 $
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