Sterling rises as risk assets rally on Israel-Iran ceasefire
Sterling climbed against the euro and the dollar on Tuesday, lifted by a rally in risk assets after U.S. President Donald Trump announced a ceasefire between Israel and Iran.
Israeli Defence Minister Israel Katz said on Tuesday he had ordered the military to strike Tehran in response to what he said were missiles fired by Iran in a violation of the truce deal. Iran denied violating it, saying there had been no launch of missiles towards Israel in recent hours.
During times of global uncertainty, investors often retreat from sterling - viewed as a risk-sensitive currency - in favour of traditional safe havens such as the Swiss franc, Japanese yen and, more recently, the euro.
The single European currency fell 0.40% to 85.23 pence. It hit 85.74 pence on Monday, its highest level since April 23.
The safe-haven status of the dollar has been under scrutiny on concerns over U.S. fiscal policy, and potential shifts in global reserve currency preferences.
The pound was up 0.55% versus the greenback at $1.3601 . It hit $1.36325 last week, its highest level since February 2022.
Recent soft economic data and a more dovish tone from the Bank of England have also pressured the British currency.
Analysts said the BoE's vote last week to keep rates steady - with three dissenters in favour of cutting them immediately - suggests that the Monetary Policy Committee is becoming increasingly concerned with the growth outlook and the performance of Britain's labour market.
British business activity expanded modestly but employers cut jobs more quickly, according to a survey released on Monday.
"Rate setters view the current policy stance as restrictive and are ready to ease as inflation pressures fade, but we must be prepared for this to take time," said Dean Turner, chief euro zone and UK economist at UBS Global Wealth Management's Chief Investment Office.
"We expect the BoE to stick with its quarterly cadence of cuts and deliver 25 bps reductions at its August and November meetings, taking the base rate to 3.75% by year-end."
(Reporting by Stefano Rebaudo; editing by Mark Heinrich)
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From compliance audits to employee wellbeing initiatives, to implementation and enforcement of health and safety requirements for all communities across the complex environment, this has been a huge undertaking. Team of the Year Award WINNER: Ramboll - APAC Care Ambassadors Team The Ramboll APAC Care Ambassadors Team is a diverse group of employees from across the Asia-Pacific region. Their achievements have been transformative, delivering measurable and meaningful improvements across Ramboll, enhancing employee wellbeing, improving communication and trust, and delivering measurable results. The Ramboll APAC Care Ambassadors Team's efforts have laid a strong foundation for continued improvement in health, safety, and wellbeing, such as increasing workforce resilience, creating a safety-first culture and championing a supportive and inclusive workplace. Wellbeing Initiative Award WINNER: ABB Process Industries The ABB Process Industries (PAPI) team has played a critical role in implementing ABB's Safety & Well-being strategy. As part of ABB, a global leader in electrification and automation, PAPI recognises that its employees are key to its success. By fostering a culture of diversity, inclusion, and equal opportunity, the division enhances Health, Safety, and Environment (HSE) performance. PAPI has developed a robust health and wellbeing strategy, and ensures that health and wellbeing are deeply embedded in daily business operations. By addressing both physical and psychological safety, PAPI fosters a well-rounded, supportive work environment. Rising Female Star of the Year Award in collaboration with SOWSHE-A WINNER: Dr. Maryam Bin Essa, Dubai Municipality Dr. Maryam Bin Essa's career at Dubai Municipality (DM) is testament to visionary leadership, innovative solutions, and steadfast commitment to health, safety, wellbeing, and environmental management (HSWE). Her journey from Manager of the Environmental Health Section to her current role as Deputy Director of Health and Safety Department showcases her exceptional capability to shape future leadership in this field. During her tenure as Manager of Environmental Health Section, she developed key policies and strategic initiatives, as well as making significant contributions to water safety, leading to 13 intellectual property recognitions that have benefited entities and service providers in Dubai. Dr. Maryam is committed to driving leadership in health, safety and wellbeing management through innovative initiatives and strategic mentorship. Environmental Award WINNER: King Saud University, Medical City King Saud University Medical City (KSUMC) is Saudi Arabia's largest teaching hospital. With three hospitals, an 1800-bed capacity, and 145 medical programs, KSUMC serves a pivotal role in healthcare education and service. Climate change presents growing risks to healthcare institutions, including threats to infrastructure, patient care, and emergency preparedness. KSUMC has developed a comprehensive disaster management strategy, including an Internal Disaster Management Plan, an External Disaster Management Plan, and a Hazard Vulnerability Assessment (HVA) tool to evaluate climate change risks. This proactive approach helps assess the likelihood and severity of natural events such as sandstorms, temperature extremes, and epidemics, guiding the hospital's risk mitigation efforts. Lifetime Achievement Award WINNER: Jason Anker, Anker & Marsh In 1993, at just 24 years old, Jason suffered a life-changing accident. While working on an unsupported ladder, he fell and was left permanently paralysed, confining him to a wheelchair and altering the course of his life and the lives of his family - one that has not always been easy for him to tell – he aims to help others and ensure that no other families have to endure the pain and hardship that his own family did. Jason's message – which can be summed up as one of hope and inspiration – is one told with confidence and clarity about the importance of mental health, wellbeing, and safety in the workplace. He shares the lessons he has learned in the hope of inspiring others to be the best versions of themselves and take better care of their mental health and safety. Throughout his recovery journey, Jason came to understand why he made his unsafe decision on the day of his accident, and this self-reflection fires his passion for promoting mental health and safety in the workplace. Jason now emphasises that if he had been in the positive mental state he is in today, he would have spoken up about the dangers he was facing. He advocates for a culture where individuals are encouraged to speak up about safety concerns, look out for themselves and others, and prioritise their wellbeing. Jason is an everyday hero. Best in Sector Art and culture – museums/galleries KULTUR A.S. - Istanbul Buyuksehir Belediyesi Construction Spaceage General - D-111247 Construction of Two (2) New 33/11 KV Primary substations For Al Reeman 01,02 and Baniyas North as well as associated 33KV and FO cable works Abu Dhabi United Arab Emirates Consultancy and advisory WSP - Zayed National Museum Defence BAE Systems Naval Ships Education The Sheffield College Gas GAIL (India) Limited, Gas Processing Unit, Gandhar Health and social care Sodexo Health And Care - Wythenshawe Hospital Hospitality and catering Alliad Company DMCC IT CTRLS Datacenters Limited, Hyderabad. Leisure and sports clubs Sheffield United Football Club Local government Qatar Free Zone Authority (QFZ) Manufacturing Zuari Cement Limited - Sitapuram Works Mining and quarrying Artmin Madencilik Oil ONGC Cambay Asset Other property activities Ejadah Asset Management - DIFC Power and utility NTPC Limited - Darlipali Super Thermal Power Station Scientific and technical services Thermo Fisher Scientific India Pvt. Ltd. - Corporate Office Mumbai, Maharashtra Storage / warehousing White Stuff Ltd. - Distribution Centre Transportation / logistics Borusan Lojistik Dagitim Depolama Tasimacilik VE Ticaret A.S Best in Country Asia (other) HP Commercial Resort Kingdom of Saudi Arabia El Seif Engineering Contracting, Head Office Kuwait WSP Middle East - South Surra Project (RA/257) Middle East (other) China State Construction Engineering Corp. Ltd (Egypt) & CSCEC International Installation Engineering Co., Ltd - Alamein Downtown Towers Pakistan Fatima Fertilizers Limited, Multan Qatar Qatar Free Zone Authority (QFZ) Singapore China Communications Construction Company Limited (Singapore Branch) - CR109 - Design and Construction of Tampines North Station and Tunnels Turkey BOTAŞ International Anonim Şirketi UAE Dubai Municipality - Health & Safety Department United Kingdom Willmott Dixon Construction London and East Chief Adjudicator's Award WINNER: Coromandel International Limited, Vizag About the International Safety Awards scheme The International Safety Awards, sponsored by HSI Donesafe, are open to organisations of all types, sizes and sectors in the UK and internationally, both members of the British Safety Council and non-members, and relate to the health and safety management at a specific site or business unit. The awards include a range of auto enter awards as well as free to enter awards. About British Safety Council British Safety Council believes that no-one should be injured or made ill through their work. Since its foundation in 1957, British Safety Council has campaigned tirelessly to protect workers from accidents, hazards and unsafe conditions, and played a decisive role in the political process that has led to the adoption of landmark safety legislation in the UK. Its members in more than 60 countries are committed to protecting and improving the wellbeing of workers, believing that a healthy and safe work environment is also good for business. British Safety Council is a registered charity (Charity No. 1097271 and OSCR No. SC037998). As part of its charitable work, British Safety Council leads health and safety networking forums for numerous sectors, facilitates and promotes best practice in the UK and overseas. It also offers a range of services and products, including training, qualifications, publications, audits and awards. British Safety Council works closely with organisations, charities and individuals who share its vision of ensuring that every worker goes home at the end of the day as healthy as they were when they went to work. Please use British Safety Council in full rather than abbreviating to BSC when quoting the organisation. British Safety Council's networks: |Website: Twitter: Facebook: YouTube: LinkedIn: Safety Management: Media contact: Julian Quigley Media Relations Manager British Safety Council Email: / press@
