Sterling jumps two cents on Reuters G7 source story

Reuters reported exclusively on Jan. 21 that the G7 would discuss the fast-tumbling British pound at its February meeting. Sterling rocketed upward on the news, climbing to 1.393 from 1.372. The source, who is involved in preparations for the Group of Seven finance ministers meetings, said that sterling’s woes are a problem for mainland Europe and would be added to discussions on currency movements, although it was not critical enough yet for intervention. The British pound has tumbled over 4 percent the past week on worsening conditions in British banks, and is down 30 percent on the year versus the U.S. dollar.