GBP Defies US Yield Surge as BoE Hike Bets Build Amid Energy Price Shock

The British Pound (GBP) defied the surge in US Treasury yields and a firmer US Dollar to register modest gains of 0.18% on Monday.

This move comes despite the US 10-year T-note rising over 10 basis points, which should have strengthened the Greenback.

The GBP/USD trades at 1.3252, while the DXY, which measures the performance of the buck against six currencies, is up 0.15% to 101.18, near a three-day high.

The surge in US Treasury yields is also accompanied by rising West Texas Intermediate (WTI) crude oil prices, which have jumped more than 3% to $95.41 per barrel.