LONDON, Jan 24 — The British pound touched a two-week low versus the dollar in early London trading today, hurt by investor caution brought on by falling stocks and tensions between Russia and the West.
The pound hit a two-week low of US$1.3534 but by 0844 GMT was broadly flat on the day at US$1.35455 .The pound also hit a one-month low versus the Japanese yen, after the pair tumbled 1.4 per cent last week. “Unfavourable equity market developments have taken away some of the support for the pound from the ongoing hawkish repricing of BoE rate hike expectations.”
Analysts said the pound was not hurt by political scandals surrounding Prime Minister Boris Johnson. An investigation into parties at Johnson’s official residence during Britain’s 2020 lockdown is due to be published this week.
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