Pound Falls as Global Bond Selloff Boosts Dollar Strength

The pound fell by 0.07% to $1.35395 against a stronger US dollar after a global bond selloff, which pushed British government borrowing costs to their highest since 2008.

Hawkish remarks from Federal Reserve Chair Jerome Powell on Friday had raised expectations of an increase in US interest rates, further bolstering the dollar's strength.

The Bank of England is expected to keep interest rates unchanged at 3.75% this month, despite markets pricing in a possible rate hike by year-end.