British pound above $1.39 for first time in nearly 3 years

The British pound climbed above $1.39 for the first time in nearly three years on Monday, lifted by broad-based dollar weakness as well as Britain’s success in rolling out the COVID-19 vaccine.

The currency has been a key gainer against a struggling greenback this month as the aggressive rollout of the vaccination programme in the United Kingdom raises hopes its economy will be able to recover quickly, compared to its European peers.

In early London trading, the pound rose 0.4% to $1.3915, its highest level since late April 2018, according to Refinitiv data. Versus the euro, it gained 0.2% to 87.24 pence, its highest levels since May 2020.