GBP/USD Holds Onto Daily Profits Around 1.1800

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The Unite States’ dollar index corrected from the monthly height downwards by 0.08% to around 108.87. Going by this, the USD measures against the six main currencies monitors the United States Treasury yield. Furthermore, the standard ten years bond declined by 2 bps, falling to 3.02%.

It is important to note that the dollar index rallied to a six-weeks height recently. Also, it recorded a 4-days straight rally while recession anxieties and the rising Federal Reserve’s hawkish moves were prdominant. The bettering Chicago Federal Reserve’s National Activity Index caused the USD to perform well.

GBP/USD Holds onto Daily Profits Around 1.1800

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Also, the impromptu maintenance of Russia’s pipeline landed a blow on the embattled European economy. This occurred at a time when the continent is facing energy-related problems. Nevertheless, this supported the demand for the USD. Opposing this background is the S&P 500 features recording little profits, even when Wall Street closed at a deficit.

Moving on, the 1st declaration of the United Kingdom’s S&P Global PMIs for this month may point to a milder print. Consequently, this may be a good surprise which may strengthen the latest GBP/USD correction. Nevertheless, the Bank of England’s pessimistic view and the Fed’s hawkish worries will keep the downward forces active.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.