Sterling

Risk aversion also sent sterling 0.6% lower to $1.2214, despite data showing the British economy was set to grow in the first quarter and confidence was growing

The euro was down 0.33% against the dollar at $1.036 at 1045 GMT, after hitting its highest level since July at $1.048 on Tuesday

Sterling edged up 0.1% to $1.1170, after sliding 2% overnight. It was headed for a weekly loss of nearly 4%, the largest since Sept's market turmoil triggered by an economic plan

The potential for volatility is elevated in the foreign exchange market this week, with central banks in the euro zone and Canada expected to hike rates by 75 basis points

Sunak will become Britain's next prime minister, Downing Street said on Monday. Sunak was due to meet King Charles on Tuesday morning before speaking outside No. 10 Downing Street

Sterling surged 1.5% to a one-week high against the dollar at $1.1267 by 1205 GMT after Sky News reported the UK government was looking at which parts of its tax-cutting package might be ditched

The dollar climbed to a fresh 24-year peak versus the yen on Wednesday, holding above levels that prompted intervention by Japanese officials last month

European stocks held steady in early trading on Wednesday, while sterling recovered after hitting a 13-day low

The dollar scaled new 24-year heights on the yen on Wednesday, breaching levels that prompted intervention by Japanese officials last month, while investors in sterling were scratching their heads

The Reserve Bank of Australia said it decided to slow the pace of tightening because the cash rate had been increased substantially in a short period of time, but left the door open to additional hike

Sterling climbed higher on Monday after British finance minister Kwasi Kwarteng said the government would reverse a plan to scrap the UK's highest rate of income tax

In the face of nagging doubts about Britain's economic management and the outlook for global growth, sterling was 0.19% lower at $1.0866 at 1125 GMT, after falling to $1.0764 earlier

Meanwhile, benchmark US 10-year Treasury yields rose to 4% for the first time since 2010, topping at 4.004%. The two-year yields stood at 4.2912%

Markets remain nervous, however, after U.S. Federal Reserve officials on Monday said their priority remained controlling domestic inflation

The currency dived as much as 4.85 per cent to an unprecedented $1.0327, extending a 3.61 per cent dive from Friday, when finance minister Kwasi Kwarteng unleashed historic tax cuts

Sterling was set for its biggest weekly decline against the U.S. dollar in two years after it touched a fresh 37-year low of $1.1022. The pound was last down 1.9% at $1.1049.

The euro fell below 99 cents for the first time in nearly two decades, while sterling was on the ropes on Monday as Russia's halt on gas supply down its main pipeline to Europe sparked concerns

The dollar held onto recent gains against the euro and sterling on Friday ahead of Federal Reserve Chair Jerome Powell's widely-anticipated speech, which traders hope will offer clues on the U.S. cent

England star Raheem Sterling has joined Chelsea from Manchester City on a five-year contract.

By Joice Alves