Pound euro exchange rate: Sterling still ‘yet to break above’ 1.17 handle against the euro

However, Mr Brown was on Wednesday hopeful that sterling could be likely to climb further in the coming days.

He said: “The pound continues to benefit from the UK’s impressive covid vaccination programme and hopes that it will lead to a faster economic reopening.”

George Vessey, UK Currency Strategist at Western Union Business Solutions, also gave his analysis on Wednesday.

He explained: “Central banks like the US Federal Reserve and the Bank of England have downplayed the rise in bond yields thus far, whilst the European Central Bank (ECB) is likely to at least verbally intervene, or possibly increase asset purchases this Thursday to cool the bond market rout.

“Investors are becoming more optimistic about the global economic rebound,” Mr Vessey added.

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