Pound weakens to US$1.38 versus greenback

Business | 22 Jun 2021 4:39 pm

The UK pound fell back below US$1.39 on Tuesday as the dollar picked up in early trading, but the British currency was still above the two-month lows it reached on Monday after the Fed's hawkish shift, Reuters reports.

The U.S. Federal Reserve surprised some market participants last week by signalling that it would raise interest rates and end emergency bond-buying sooner than expected - prompting the dollar to rise and riskier currencies to lose out.

The pound hit a two-month low of US$1.37865 early on Monday, recovered later in the session, then dipped back down again on Tuesday, down by 0.3 percent at US$1.38965 at 0745 GMT.

Versus the euro, it was down by 0.2 percent at 85.70 pence per euro, still trading within recent ranges.


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