Economic news

Pound hovers near one-month trough as dollar recovers on yield rise

The pound slipped versus the dollar on Wednesday as the greenback firmed, supported by rising Treasury yields, while investors were anxious ahead of UK GDP data due on Friday.

Photo: Reuters

The British currency slid 0.2 percent to $1.3948. The pound has lost more than four cents since last week when it touched post-Brexit referendum peak of $1.4377. Versus the euro, the pound inched up 0.1 percent to 87.425 pence.

The fresh economic figures will be crucial taking into account the Bank of England’s monetary policy meeting early May, and investors are wondering whether the regulator will increase interest rates.

Governor Mark Carney stressed last week that economic numbers were “mixed” and hinted that there would be several other MPC meetings later this year, when a rate hike could happen.

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