Sterling wavers as markets gauge reported Israeli attack on Iran
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The pound was little changed on Friday after falling to a five-month low against the dollar in Asian trading hours as investors responded to reports of an Israeli attack on Iran. Safe-haven currencies such as the Swiss franc, yen, and dollar initially spiked on the news, helping push down the pound and the euro. Sterling was last up very slightly at $1.2446, after dropping to $1.2388 in Asia. The pound is down marginally for the week but off by 1.5% for the month so far after a jump in the dollar caused by strong U.S. economic data. UK investors were also parsing data which showed retail sales stagnated in March despite inflation easing. Economists expect the Bank of England to lower interest rates once or twice this year, likely starting in August or September.
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