The pound dropped to its lowest level against the dollar since December 2020, as investors rushed to the dollar. Sterling tumbled as low as $1.314, a level not seen since before Britain finalized its exit from the European Union. Currently, the dollar is the favored currency of the world as the Federal Reserve took a more hawkish stance, signaling an interest rate hike in March as inflation soars in the US.
Experts predict the pound is headed for a move towards $1.285 as the escalation of fighting in Ukraine and the prospect of a Russian energy embargo fuels worries that the war could push up inflation and dent global growth.
Source: ph.news.yahoo.com
