The high buying demand in the US dollar keeps the GBP/USD rate under pressure. In the early Asian trading hours of Friday, the pair retreated to a new multi-month low.
The GBP/USD currency pair is currently trading at 1.3760, down 0.05 percent on the day.
The US Dollar Index (DXY), which measures the greenback’s performance versus six major currencies, is currently trading at 92.50, up 0.13 percent. Investors are speculating on a faster-than-expected rate hike from the Federal Reserve in the near future.
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As a result of dovish comments by BoE governor Bailey and rising energy prices, UK equities are outperforming their US counterparts. Meanwhile, the dollar has had a tumultuous day due to a slew of economic data from the United States.
The FTSE 100 has outperformed its peers today, as the Bank of England’s dovish comments have pushed the pound down. Despite warnings from the Federal Reserve that rising prices could push the tightening phase of monetary policy forward, Bank of England governor Andrew Bailey took a strong stance that increased prices would only be temporary.
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