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Sterling on a high after SNP fails to win majority

Sterling on a high after SNP fails to win majority: Pound soars to $1.4158 against the US dollar – a level not seen since February

Sterling soared as currency traders welcomed the further easing of lockdown while betting that Scotland will not leave the UK any time soon.

The pound sailed as high as $1.4158 against the US dollar – a level not seen since February – and €1.1636 against the euro.

The rally came as Boris Johnson – fresh from a string of victories in last week’s elections – confirmed that more coronavirus restrictions would be lifted on May 17 as the vaccine rollout continues.

The pound sailed as high as $1.4158 against the US dollar – a level not seen since February – and €1.1636 against the euro

The successful vaccination programme and reopening of the economy looks set to turbo-charge the recovery this year.

The Bank of England last week said it expects the economy to grow by 7.25 per cent this year – the best performance since 1941, when a frenzy of wartime manufacturing ramped up output, and the fastest peacetime pick-up since 1927.

The pound was also boosted by election results in Scotland.

Although the Scottish National Party won a fourth successive victory last week, it failed to secure an outright majority, making an early independence referendum unlikely.

Read more at DailyMail.co.uk