Pound set for steepest monthly decline versus the safe-haven US dollar since October
Pound Suffers Steepest Monthly Drop Against Dollar Since October
On Friday, the British pound declined for the fourth consecutive session, marking its weakest monthly showing against the U.S. dollar since last October. Heightened concerns over a potential global energy crisis stemming from conflict in the Middle East have prompted investors to seek safety in the dollar.
Throughout March, sterling has slipped by 1.5%, a slightly larger drop than seen in February, making this its poorest monthly result since October. Despite this, the pound remains the top-performing major currency against the dollar since the onset of the conflict.
In comparison, the euro has depreciated by about 2.5% over the same period, while traditional safe-haven currencies like the Japanese yen and Swiss franc have weakened by 2.4% and 3.6%, respectively.
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