The British pound touched $1.42 for the first time since February 24th, its second-highest level since April 2018, after stronger-than-expected economic data suggested that the UK labor market has been broadly stable in recent months, with some early signs of recovery. The first-quarter jobs report showed a continued fall in unemployment, a further rise in vacancies to pre-pandemic levels, and growth in the employment rate. Elsewhere, sterling has been also supported by expectations that Britain’s economy would continue to recover solidly, as well as broad dollar weakness as inflation fears eased. Traders now await the releases of PMI surveys later this week, as well as figures on inflation and retail sales.
Historically, the British Pound reached an all time high of 2.86 in December of 1957. British Pound - data, forecasts, historical chart - was last updated on May of 2021.
The British Pound is expected to trade at 1.41 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 1.38 in 12 months time.