Pound drops as dollar gains amid bond sell-off
The British Pound declined against the US Dollar and the Euro due to a global bond sell-off, as long-term bond yields in the United States and the United Kingdom reached their highest levels in decades. The GBP-USD pair dropped by 0.38% to reach 1.3215 dollars, while the Euro-USD fell by 0.37% to 1.1288 dollars. The 10-year Treasury bond yields rose to 5.340%, approaching their highest level in 52 weeks, while the dollar index hit its highest point this year at 101.80 points. The dollar's strength continues to be supported by economic factors, especially given the lack of progress in negotiations between the United States and Iran.
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