Sterling holds near three-month low on dollar rally
The pound remained steady near three-month lows against the dollar and euro on Friday as the US currency headed for its second weekly gain. Rising energy prices and growing rate hike bets strengthened the dollar, while the Bank of England recently held rates steady.
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The United Kingdom's currency traded flat on Friday morning at $1.322, heading toward a 1.2% weekly drop against the United States dollar. That marks the steepest weekly decline for GBP/USD since May amid broad greenback strength. The dollar climbed as climbing energy costs and geopolitical tensions fueled expectations of further monetary tightening.
