Forex
GBP Tumbles to Three-Month Low on Higher US Yields
The British Pound (GBP) is struggling against the US Dollar (USD), hitting three-month lows just below $1.3200 on Wednesday, due to a dismal market mood and higher US yields.
A combination of Brent Oil prices returning above $100 and surging US Treasury yields is boosting the US Dollar, while soft UK manufacturing activity data has failed to support the Pound.
US Treasury yields have risen to 24-year highs, with the benchmark 10-year note hitting above 5.30% as the Middle East conflict keeps pushing energy prices higher and global inflation upwards.