Economic Uncertainty Drives Sterling Down

The British pound has seen a significant decline against major currencies, reaching its lowest point against the US dollar since late April of last year. This downturn comes amidst growing concerns over the UK's economic outlook following Chancellor Rachel Reeves' contentious budget plan.

Bond Yields and Sector Slowdown Add to Woes

Yields on long-term UK government bonds have surged to their highest in over two decades, signaling investor anxiety. Compounding the issue, recent data indicates a slowdown in both the construction and manufacturing sectors, further exacerbating the pound's slide.

Currency Performance in Detail

Against the dollar, the pound fell by 1.18% to 1.23325, while the euro gained 0.65% against sterling, reaching 0.83418. Additionally, the pound saw a 0.87% decrease against the Swiss franc, trading at 1.12474.