19 Sep, 2014 @ 10:51
1 min read

Unionist victory in Scotland leaves sterling at two-year high against euro

STERLING is at a 25-month high against the euro as Scottish voters reject independence.

The Unionist victory against Alex Salmond’s campaign for independence brings weeks of sharp fluctuations in the UK financial markets to an end.

Sterling is at a two-year high of 78.10 pence per euro, and is also at a two-week high against the dollar.

With uncertainty around Scotland out the way, investors are now likely to focus on economic fundamentals and interest rate expectations, according to industry analysts.

“We expect sterling price action to retain policy differentials as the primary driver, in the form of expectations for Bank of England normalization, and to return to the ranges seen through August,” said Geoff Yu, currency strategist at UBS.

Keep a eye on the exchange rates with HiFX: www.hifxpartners.com/theolivepress

Imogen Calderwood

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