Sterling Maintains Position Against Dollar and Euro as Manufacturing Activity Contracts
Britain's pound held steady against the dollar on Thursday, remaining close to a three-year high reached earlier in the week as investors moved away from the U.S. currency following President Donald Trump's tariff policies. A Thursday survey confirmed British manufacturing activity contracted for the seventh consecutive month in April, highlighting the impact of Trump's tariffs and Britain's employer tax increases on business activity. The pound traded at $1.3327, down less than 0.1% for the day. It reached its highest level since February 2022 on Monday, having gained 3.2% last month - its largest monthly increase against the dollar since November 2023. The U.S. currency has suffered significantly from Trump's trade policies, with inconsistent tariff decisions undermining confidence and reducing growth forecasts. "We expect the pound to remain firm against the U.S. dollar over the course of the year, though some […]