GBP/USD Drops as Yields Rise

GBP/USD is down by 1.4% so far this year and has dropped to its lowest level since November 2023, driven by a resilient US dollar following Friday's strong NFP report. Additional pressure comes from rising UK government bond yields, with the 10-year yield increasing by 2.2% today, nearing 5%, the highest since 2008. Market sentiment is also being shaped by concerns over UK borrowing costs, ahead of upcoming UK and US inflation data set for release on Wednesday. A recovery in the bond market lies with the UK government and its ability to build confidence in a plan to make public sector sustainable.

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The Week Ahead

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