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Sterling hits $1.40 for first time in nearly 3 years Published 2 months ago By Ritvik Carvalho LONDON (Reuters) – Sterling hit $1.40 against the dollar for the first time in nearly three years on Friday, as analysts continued to bet Britain’s quick pace of vaccinations will lead to an economic rebound from the country’s worst crash in output in 300 years. At 0857 GMT, the pound was at $1.4005 against the dollar, up 0.2% on the day. That level was its highest since April 2018. The pound is the best performing G10 currency this year, up 2.3% against the dollar as investors bet that Britain’s quicker pace of vaccinations will lead to a recovery from the worst annual fall in economic output in three centuries. ....
Oil extends losses as Texas prepares to ramp up output Published 2 months ago By Devika Krishna Kumar NEW YORK (Reuters) – Oil prices fell for a second day on Friday, retreating further from recent highs as Texas energy companies began preparations to restart oil and gas fields shuttered by freezing weather. Brent crude futures were down 33 cents, or 0.5%, at $63.60 a barrel by 11:06 a.m. (1606 GMT) U.S. West Texas Intermediate (WTI) crude futures fell 60 cents, or 1%, to $59.92. This week, both benchmarks had climbed to the highest in more than a year. “Price pullback thus far appears corrective and is slight within the context of this month’s major upside price acceleration,” said Jim Ritterbusch, president of Ritterbusch and Associates. ....