In the United Kingdom, political pressures are rising while monetary challenges are exacerbated. Economists at Westpac note that the GBP/USD pair could tumble to test the 1.120 level.UK’s political backdrop remains precarious
“UK is facing extreme monetary policy challenges with inflation at the top of major economy rankings while growth forecasts from bodies such as OECD are at the bottom of those major economies.”
““GBP/USD rebounds have been limited and it remains vulnerable to flushing below 1.20.”
EUR/USD climbs to fresh daily highs above 1.0450
EUR/USD has managed to gather recovery momentum in the American session and touched a fresh daily top above 1.0470. Falling US Treasury bond yields and month-end flows seem to be weighing on the dollar, allowing the pair to continue to push higher.
EUR/USD News
GBP/USD rises above 1.2150 as dollar retreats
GBP/USD has gained traction and turned positive on the day above 1.2150. With the US T-bond yields falling sharply on soft inflation data, the US Dollar Index turned south and erased a large portion of its daily gains, triggering a rebound in the pair.
GBP/USD News
Gold reverses direction, drops to $1,810 area
Gold has turned south after having climbed above $1,820 earlier in the day. Although the 10-year US Treasury bond yield is down more than 2% on a daily basis, XAU/USD stays under heavy selling pressure amid month-end flows and trades near $1,810.
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