Standard Chartered Raises Pound Forecast Versus U.S. Dollar

By Candice Zachariahs

July 28 (Bloomberg) -- The pound will strengthen against the U.S. dollar through year-end, Standard Chartered Plc said.

The U.S. currency is in a “multi-year downtrend,” wrote analysts led by Callum Henderson, head of currency strategy at Standard Chartered in Singapore. The pound will buy $1.70 in the third quarter and $1.75 over the following three months, the bank said, revising its June 26 forecasts for $1.66 and $1.70, respectively, according to Bloomberg News data.

The pound slipped 0.1 percent to $1.6472 as of 10:26 a.m. in Tokyo from $1.6488 yesterday.

To contact the reporter on this story: Candice Zachariahs in Sydney at czachariahs2@bloomberg.net