Sterling has fallen by between 1 and 2% against both EUR and USD since Wednesday morning. Rising bond yields in the US hit a one-year high leading markets to favour the dollar as confidence in global economic recovery increases.
All eyes will be on Chancellor Rishi Sunak next week as he outlines the government’s spending plans in his Spring Budget. The tone of the Budget could affect sterling further.
There was some good news in the US, as initial jobless claims fell to the lowest figure in three-months.
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