The pound fell below $1.19 for the first time this year, following comments from US Federal Reserve chair Jerome Powell.
Powell told Congress that the Fed would likely raise interest rates to a level higher than previously thought, after inflation came in higher than expected.
The testimony strengthened the value of the dollar, leading the pound’s exchange rate against the currency to dip just below $1.19. It hovered slightly above that level in early January, which had been the lowest exchange rate of the year.
Elsewhere, unchanged annual house price growth of 2.1% today pointed to continued resilience in the UK property market.
Mortgage lender Halifax also reported a monthly price increase of 1.1%, up from 0.2% in January and after the fall of 1.3% December.
It said lower mortgage rates, improving consumer confidence and a robust labour market had stabilised prices after a difficult end to 2022.
Greggs, Foxtons and Reach were also among the companies reporting results today.
