Pound steadies amid Iran and yen support concerns

The British Pound remained stable during today’s Tuesday trading sessions, as investors awaited more details about potential talks between the United States and Iran, which could impact oil prices and global inflation. The pound experienced a slight increase of less than 0.1%, reaching $1.344, following strong gains at the end of the week supported by a decline in the dollar after official intervention to support the Japanese yen and the Federal Reserve’s decision to keep interest rates steady. It also remained steady against the euro at 85.62 pence. In the market, oil prices experienced fluctuations amid statements from the Trump administration and denials from Tehran. Brent crude rose by about 3% to $86.1 per barrel, amid anticipation of a potential new intervention to support the Japanese yen, especially after the unusual move by Washington to sell yen in exchange for euros. The market is awaiting the release of the US jobs report for July to gauge the direction of interest rates, with expectations that weaker economic data could lead to further easing of monetary policy.

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