The pound rebounded versus the U.S. dollar and euro, climbing off more than three-decade lows as central banks tried to ease a scramble for dollars. The pound whipsawed from a fresh low of $1.1413 versus the dollar in Asian trading hours overnight. It climbed to just shy of $1.20 on the day before losing momentum and was last up 2.3%.
Against the euro, sterling was up 2% and was heading for its second day of gains in a row, last trading at 91.21 pence per euro. The British currency had previously fallen around 12% against the dollar over a little over a week to levels not seen since 1985. Against the single currency, it slid to an 11-year low of 95 pence per euro on Thursday.
GBPUSD opened at an early-trading high of 1.1841 and fell across the day to close at 1.1711 before continuing to an evening low of 1.1572
GBPEUR opened at 1.0940 and climbed to an afternoon high of 1.1081 before dropping back down to close at 1.0987
The dollar eased on Friday as six major central banks announced a coordinated action to enhance liquidity in the currency but bounced off its lows in afternoon trading as stocks weakened. The greenback has staged a ferocious rally this week as investors clambered to obtain the currency, gaining 4.32% in its most significant weekly rise since the 2008 financial crisis.
The U.S. dollar rose to 1.03, the highest since January 2017, against a basket of currencies through a week when investors have liquidated everything from stocks to bonds to gold and commodities. It was last down 0.32% on the day.
EURUSD opened at a high of 1.0823 and fell steadily across the day to close at a low of 1.0659