Pound rises on US-Iran deal hopes before UK elections
Sterling hit its highest since February on reports of a US-Iran deal. Markets remain calm despite political risks ahead of Thursday's UK local elections.
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The GBP/USD rose 0.6% to $1.3621 as investors reacted to reports of a potential diplomatic breakthrough between the United States and Iran. The currency reached its highest level since February despite domestic political pressure ahead of local elections in the United Kingdom. For investors, the rally suggests that geopolitical de-escalation currently outweighs the risk of a leadership shakeup in London.
