Sterling Mixes Gains and Losses After Healey Speech

The British pound experienced mixed results against major currencies on Monday, following Finance Minister John Healey's first major economic speech. Sterling strengthened versus the dollar and held steady on the euro, but dropped sharply against the Japanese yen.

Healey announced plans to grant city regions more power to attract private investment as part of Prime Minister Andy Burnham's push to decentralize power from central government. He also emphasized his commitment to fiscal discipline and reducing rising costs for businesses and the public.

However, much of what Healey said was in line with the policies of his predecessor Rachel Reeves, leaving sterling without clear direction. Analysts at Barclays attributed the pound's softening against the dollar and euro to pressure from higher global yields and a shift towards the October Budget.