General · 29 May 2026
Bailey's rate hike pause sends pound tumbling
People exchanging money faced a weaker pound after investors stayed cautious about a possible U.S.-Iran agreement and watched fuel costs closely. Bank of England governor Andrew Bailey said on Friday there was little need to quickly increase borrowing costs because of weak growth and uncertainty linked to the Iran war. Sterling fell 0.2% against the dollar to $1.3410 and slipped 0.1% versus the euro.
Reported by Reuters · How we write briefs