The British pound plummeted Monday as the US dollar surged after Federal Reserve Bank of New York President William Dudley mentioned an interest rate hike will likely occur this year.
The FOMC Vice Chairman said he was certain weak global economic conditions, as well as firm US dollar won’t permanently contain inflation.
Sterling stood at 73.52 pence per euro. Against the US dollar, the pound finished at $1.5175.
Meanwhile, Bank of England Governor Mark Carney is scheduled to deliver his speech Tuesday. The United Kingdom’s gross domestic product in the second quarter is due Wednesday.
The material has been provided by InstaForex Company – www.instaforex.com