Pound Sterling drops against US Dollar ahead of US employment, PMI data
The Pound Sterling (GBP) ticks down to near 1.3435 against the US Dollar (USD) during the European trading session on Thursday. The GBP/USD pair faces a slight selling pressure as the US Dollar stabilizes after a corrective move on Wednesday.
At the time of writing, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, ticks up to near 98.25. The Greenback fell sharply on Wednesday after the release of the US JOLTS Job Openings data for July, which missed estimates. Read more…
GBP/USD Forecast: Pound Sterling finds support as UK gilt yields stretch lower
Following Tuesday’s sharp decline, GBP/USD staged a rebound and closed in positive territory on Wednesday. The pair trades in a narrow band at around 1.3450 in the European session on Thursday as market focus shifts to the next batch of macroeconomic data releases from the US.
Yields on the long-dated UK gilts turned south on Wednesday and supported Pound Sterling’s recovery. In the second half of the day, the US Dollar (USD) came under bearish pressure and allowed GBP/USD to stretch higher. Read more…