Market News
Sterling extends slide as dollar rallies, gilt yields rise - REUTERS
By Samuel Indyk
LONDON, Jan 13 (Reuters) - The British pound extended its recent drop against the dollar and the euro on Monday driven by investor concerns about Britain's fiscal sustainability as gilt yields rose for a sixth straight day.
Sterling fell as much as 0.7% against the dollar to $1.21, its lowest level since November 2023. It was last at $1.2124.
Against the euro , the pound was down 0.3% at 84.13 pence.
The pound has been in the crosshairs of global currency traders with British markets hit by surging bond yields, a move which originated from the United States due to concerns about rising inflation and lower chances of rate cuts from the Federal Reserve.