Business · 1 hour ago
Pound dips as rising gilt yields and stronger dollar weigh on sterling
British borrowing costs hit their highest since 2008 as a global bond selloff pushed 10-year gilt yields to 5.2554% on Tuesday. Sterling slipped to 1.35395 against the U.S. currency after Middle East tensions and hawkish remarks from Federal Reserve Chair Jerome Powell boosted the dollar. Meanwhile, Bank of England Governor Andrew Bailey sees little sign that recent energy price jumps cause lasting inflation.
Reported by Reuters · How we write briefs