Sterling Inches Higher Against the Dollar on Sentiment, Fed Decision

The  Sterling pound today inched higher against the  US dollar for  the  ninth consecutive session as  investors remained worried about the  rising coronavirus cases in  the  US. The  GBP/USD currency pair today broke out of  an  initial trading range during the  Asian session and  headed higher boosted by  positive UK releases.
The  GBP/USD currency pair today rallied from a  low of  1.2912 in  the  Asian session to  a  high of  1.3014 in  the  American session before giving up some of  its gains.
The  currency pair traded sideways during the  Asian session driven by  subdued investor sentiment before spiking higher in  the  early London session. The  release of  the  upbeat UK public sector net borrowing data, which came in  at   £1.8 billion versus the  expected decline of   £0.4 billion. According to  the  Office for  National Statistics, consumer credit figures also fell by  less than expected during June. Comment’s by  the  Bank of  England‘s Chief Economist Andy Haldane regarding the  UK’s economic recovery also boosted the  pair since he noted that some regions were reporting accelerated recovery numbers.
The  cable spiked to  its daily highs during after the  Federal Open Market Committee left US interest rates unchanged. The  dovish speed speech by  Jerome Powell, the  Fed chair contributed to  the  greenback’s woes boosting the  pair.
The  currency pair’s future performance is likely to  be affected by  geopolitical events and  tomorrow’s US jobs and  GDP data.
The  GBP/USD currency pair was trading at  1.2981 as  at  10:54 GMT, having risen from a  low of  1.2912. The  GBP/JPY currency pair was trading at  136.29, having rallied from a  low of  135.67.
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