Sterling extends losses against US dollar before easing to half a cent down after Treasury calms market jitters

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The pound briefly fell to a 14-month low against the US dollar on Thursday morning after the sell-off in the bond market fuelled investors’ anxiety over UK assets and piled further pressure on the chancellor, Rachel Reeves.

Sterling extended recent losses against the US dollar, falling by a cent at one point, before recovering to be half a cent down at $1.23.