Sterling fell by 1600 GMT, 0.03% at $1.1512, after falling to $1.1444 earlier on Monday, on news that Russia would keep a Russian gas supply pipeline closed, adding to recession fears in the United Kingdom.
Sharjah 24 – Archyde.com:
The pound perched near its lowest level in two and a half years, against the US dollar, on Monday, while Liz is expected to become the next prime minister of Britain, after she won the race to lead the ruling Conservative Party against the background of the deteriorating economy.
The new prime minister will inherit an economy that is on the brink of recession while sterling is one of the worst performing major currencies in 2022, the British currency has fallen 15% against the dollar while UK inflation has jumped into the double digits, and growth is on the verge of stalling.
UK government bond prices also suffered their biggest monthly fall in August contracts, due to inflation concerns as well as planned tax cuts by Terrace and its proposals to stimulate the economy with additional budget spending.
By 1600 GMT, sterling was down 0.03% at $1.1512, after falling to $1.1444 earlier on Monday, on news that Russia would keep a Russian gas supply pipeline closed, adding to recession fears in the UK.