The British pound weakened against other major currencies in the European session on Tuesday, as escalating Middle East tensions spurred risk aversion in financial markets.
A prolonged conflict in the Middle East and a persistent fall in oil and gas supplies from the region could cause a "substantial spike" in inflation and a "sharp drop in output" in the euro zone, ECB chief economist Philip Lane has warned in an interview with the Financial Times.
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Forex News
April 17, 2026 15:29 ET The ongoing conflict in the Middle East continues to raise concerns for policymakers who worry about the impact of the supply shock and high energy prices on the real economy. Producer price data and various survey results on the housing market were the main news from the U.S. this week. In Europe, industrial production data for the euro area gained attention. GDP figures out of China and the policy move by the Singapore central bank were in focus in Asia.