Sterling rises past 1.4 against dollar

Sterling surged against dollar in American trade to the highest since February 16, following earlier data from Britain and amid a lack thereof from the US, while investors await the Federal Open Market Committee's policy meeting later this week. 

As of 04:11 GMT, GBP/USD rose 0.70% to 1.4040 from the opening of 1.3941, with a one-month high at 1.4088, and a session-low at 1.3913. 

Earlier UK data showed the Rightmove House Price Index accelerated to 1.5% m/m in March from 0.8%, while accelerating to 2.1% y/y from 1.5%, after UK Brexit minister David Davis said that European laws will be applied in the country during the transition period. 

Davis said there will be new rules after Brexit, but for now Britain will have the right to vote on European decisions during the transition, and in case the UK disagrees with any European decision, Britain will have the right to do what it sees appropriate. 

From the US, Federal Reserve Bank of Atlanta President Raphael Bostic spoke about the future of community development at the National Interagency Community Reinvestment Conference, in Miami, earlier today, while markets await the Federal Reserve Open Market Committee's policy meeting this week, at which policymakers are expected to hike interest rates by 25 basis points.