Pound Sterling weakens against US Dollar with UK Employment in focus
The Pound Sterling (GBP) drops to near 1.2900 against the US Dollar (USD) in London trading hours on Monday. The GBP/USD pair declines as the US Dollar extends Friday’s recovery and aims to revisit a four-month high. The US Dollar Index (DXY), which gauges Greenback’s value against six major currencies, climbs above 105.30.
The Greenback strengthens on expectations of higher investment and spending in the United States (US) as Republicans look set to take control of both the Senate and the House of Representatives, a scenario that would allow the Trump administration to implement fiscal policies quickly. Read more…
GBP/USD Weekly Forecast: Bets on strong rebound look premature as markets shift to UK GDP, US inflation data
GBP/USD returned to positive territory for the first time in five weeks, as the global market optimism and the central banks’ policy announcements overshadowed the resurgent demand for the US Dollar.
The Pound Sterling built on its recovery momentum in the early part of the week, as risk flows prevailed on hopes of Republican candidate Donald Trump’s victory in the US presidential race due on Tuesday. Additionally, profit-taking on the USD long positions ahead of the US election also helped the British Pound gain some positive traction, driving the pair back above the 1.3000 level. Read more…
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