The pound sterling is gaining ground against the euro, but is being left behind by the dollar. It hit a new 5.5-year high against the euro, but fell to its lowest level since December 2020 against the dollar as another volatile session pushed investors to buy dollars.

The pound continues to strengthen against a weaker euro, but loses ground against a strong dollar, which is more distant from the war in Ukraine. European currencies have fallen rapidly since Russia invaded Ukraine. By 10:00 a.m., the pound was down 0.4% at $1.3175, after weakening to $1.3157, its lowest since December 2020. Against the euro, the pound rose by 0.2% to 82.035 pence in Asian hours, its strongest since June 2016. The British pound fell against the dollar, but strengthened against the euro more exposed to the war in Ukraine.