Since February, when pressure on Starmer intensified, the pound has lost about 3%. On Monday, it fell another 0.2%, reaching $1.321. The UK is facing high borrowing rates due to significant public debt, interest payments, slow economic growth, and the need to increase defense spending.
Currency analysts at OCBC believe the pound’s negative reaction will be temporary and maintain a neutral stance. The euro fell to $1.14555. The Australian dollar dropped 0.17% to 0.7005, while the New Zealand dollar traded at 0.57275. The Japanese yen weakened to 161.66 per dollar, approaching a two-year low. A break above 161.96 could lead to a decline in the yen to 1986 levels.
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