WASHINGTON (Reuters) - U.S. Treasury Secretary Jack Lew said on Friday it was necessary to give British authorities some time to determine what drove a steep drop in the pound before jumping to conclusions.
“Based on our own experience, it takes some time to find out why such movements occur,” Lew told a news conference at the International Monetary Fund and World Bank Meetings in Washington.
The pound’s fall by more than 10 percent against the dollar to below $1.15 was not in line with a largely stable exchange rate picture in recent weeks, Lew said.
“In general, we’ve seen exchange rates behaving in a stable way globally responding to macro-economic movements,” he said.
Reporting by David Lawder and Leika Kihara; Editing by Andrea Ricci