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Forex News: Pound Falls Amid Uncertainty Over Chancellor's Future

Pound Falls Amid Uncertainty Over Chancellor's Future

07/02/2025 - 16:02:00 (RTTNews)

(RTTNews) - The pound dropped against its major counterparts in the New York session on Wednesday, following rumours about Rachel Reeves' future as finance minister.

The speculation came after Prime Minister Keir Starmer declined to support the finance minister in the wake of U-turn over spending reforms.

Downing Street said that the finance minister will stay in the post and has full backing from the prime minister.

The political crisis triggered a sell-off in UK government bonds and pushed yields higher.

The pound weakened to an 8-day low of 1.3562 against the greenback and near a 2-week low of 195.35 against the yen. The currency is poised to find support around 1.34 against the greenback and 193.00 against the yen.

The pound fell to 2-1/2-month lows of 0.8670 against the euro and 1.0756 against the franc. The next possible support for the currency is seen around 0.88 against the euro and 1.06 against the franc.

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