Pound Sterling Tumbles Against US Dollar Amid Inflation Concerns

The Pound Sterling has experienced a decline against the US Dollar on Friday, following comments from Federal Reserve Chair Kevin Warsh that inflation is a priority for the Fed. This statement has increased the likelihood of an interest rate hike later in the year.

The GBP/USD traded at 1.3538, down 0.40%, after reaching a high of 1.3630 earlier in the week. Analysts had noted that the British Pound was underperforming its core European peers but still reached a three-month high against the US Dollar.