Sterling drops to three-week low against the dollar
Sterling dropped to a three-week low against the dollar as investors monitored Middle East conflict and renewed selling in the gilt market. UK bond yields reached eighteen-year highs ahead of the upcoming budget.
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GBP/USD fell 0.05% to $1.3510 on Wednesday afternoon, touching a three-week low against a strengthening dollar. The drop came as conflict flared in the Middle East and domestic bond selling intensified. The currency hit $1.3490 earlier in the session, its lowest level since August 14.
