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Pound hits new low as traders flock to the dollar

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


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