GBP/USD hits its lowest since Nov 2023, driven by a strong US dollar and rising UK bond yields
GBP/USD is down by 1.4% so far this year and has dropped to its lowest level since November 2023, driven by a resilient US dollar following Friday's strong NFP report. Additional pressure comes from rising UK government bond yields, with the 10-year yield increasing by 2.2% today, nearing 5%, the highest since 2008. Market sentiment is also being shaped by concerns over UK borrowing costs, ahead of upcoming UK and US inflation data set for release on Wednesday. A recovery in the bond market lies with the UK government and its ability to build confidence in a plan to make public sector sustainable.This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
