The pound plummeted against the dollar while gilt yields came under further pressure after new figures revealed the continued strength of the US economy. According to the latest report on the US labour market,

The Pound Sterling (GBP) continues underperforming its major peers, rattled by rising borrowing costs on the United Kingdom (UK) government’s debt. The 30-year UK gilt yields have risen to 5.36%, the highest level since 1998, causing discomfort for Chancellor of the Exchequer Rachel Reeves.

British assets remained under pressure on Friday from elevated global borrowing costs, with sterling falling for the fourth day in a row and gilt yields rising for a fifth consecutive day, though both were off the previous session's most extreme levels.

Investing.com - The British pound slumped to its lowest level in over a year Thursday, weighing by falling confidence in the country’s fiscal outlook amid soaring borrowing costs. At 08:10 ET (13:10 GMT),