Sterling remains near its weakest level since November after the head of the Federal Reserve signalled more big hikes in US interest rates may be needed to combat inflation.
Jerome Powell’s testimony in Congress led to heavy selling of Wall Street shares and put upward pressure on the value of the dollar, leaving the pound at $1.18.
London’s FTSE 100 index opened 0.2% lower during another busy session for corporate results, with Legal & General, Hiscox and Admiral among those in the blue-chip spotlight.
