Sterling ticks higher as dollar dips on lower oil prices
USO•Sterling rose 0.1% to $1.324 as the dollar dipped while oil prices fell. Brent crude was down 1% at $103.30 a barrel.
1. Currencies rise as oil falls
The pound rose on Friday as the dollar dipped after falling oil prices pulled global bond yields away from multi-decade highs. Sterling was set to end the week little changed against the dollar but higher against the euro.
2. Sterling and oil figures
Sterling was last up 0.1% at $1.324, after falling to $1.3184 on Thursday. The pound was little changed against the euro at 84.74 pence and was set for a second weekly gain against the single currency. Brent crude fell 1% to $103.30 a barrel.
3. ING sees dollar support
ING said energy prices could support the case for further Federal Reserve rate hikes, keeping other currencies under pressure. Currency strategist Francesco Pesole said the bank did not see signs of a broader dollar correction and that oil prices remained above $100 a barrel despite improved Gulf supply.
