Sterling reaches $1.40 as RLAM's Greetham warns of 'sudden drop in the pound'

Currency strength 'unlikely to last'

The pound reached a fresh post-Brexit high in early morning trading, passing $1.40, but Royal London Asset Management's Trevor Greetham warns the strength in sterling is unlikely to last.

The $1.40 level is significant as it has been the pound's floor against the dollar since the 1980s. Sterling is one of the strongest performers so far this year, largely due to the weakness of the dollar, and the best-performing G10 currency in the past six months having risen 7.3 per cent against the dollar. UK inflation 'peaks' as sterling hits post-Brexit high However, Greetham head of multi asset at RLAM, dismissed sterling as being just one of many currencies gaining against the dollar, rather than gaining on its own merit, adding that sterling's weaker position against the eu...