UBS Ends Trade Recommendation to Sell Pound Versus Dollar on Sterling Gain
UBS AG ended a trade recommendation to sell the pound against the dollar after the U.K. currency rose, surpassing the bank’s upper limit to protect against greater losses.
“We exit our short pound-dollar trade,” Gareth Berry, a strategist at the Swiss bank in Singapore, wrote today in an investor note. “The rationale for being short sterling is still intact,” he said.
The pound rose 0.7 percent to $1.5281 as of 11:48 a.m. in London.
To contact the reporter on this story: Paul Dobson in London at email@example.com