Sterling flat near $1.35 ahead of Healey’s UK speech
The British pound was little changed just above $1.35 as investors awaited UK Chancellor John Healey’s first major speech Monday ahead of next month’s budget. Oil edged toward seven-week highs after US action against Iranian tankers.
35, as investors awaited UK Chancellor John Healey’s first major speech on Monday, ahead of next month’s budget announcement. Oil prices moved closer to seven-week highs after the US struck three Iranian oil tankers over the weekend, destroying one, while Tehran threatened to establish a new restricted zone outside the Strait of Hormuz. Higher oil prices have been a key driver of the global bond selloff, leaving UK gilts particularly vulnerable. On the economic data front, UK firms also increased full-time hiring in August for the first time in four years, according to a closely watched REC survey.
The data will be of particular interest to Bank of England policymakers as they assess the strength of the labor market. Meanwhile, UK house prices fell year-on-year for the first time since November 2023, Lloyds data showed.