GBP / USD Falls Below 1.3760 As US Dollar Gains Momentum

Get real time updates directly on you device, subscribe now.

  • The US dollar turns positive against most of its rivals during the US session.
  • GBP / USD trim gains, still heading for second consecutive gain.

The GBP/USD It fell nearly 50 pips from daily highs as the US dollar regained ground across the board. The pound fell below 1.3750; Earlier on Thursday, it peaked at 1.3787, the highest level since Monday.

The DXY turned positive over the past hour, approaching 93.00 even as US yields plummet. The 10-year US yield fell from more than 1.30% to 1.24%. The Dow Jones failed to stay in positive territory and lost 0.20%. The pound remains among the best performers on Thursday as it continues to correct higher, cutting recent losses.

Mixed data, ECB as expected

Economic data for the US was mixed. Initial jobless claims unexpectedly rose to 419,000, the highest level in eight weeks. Another report showed that existing home sales rebounded 1.4% in June, posting the first gain in five months. As for COVID-19, the seven-day moving average of new cases increased 53%.

The key event on Thursday was the meeting of the European Central Bank (ECB). The central bank kept monetary policy unchanged as expected and noted that it would remain accommodative for a long time.

On Friday, economic data to be released includes June UK retail sales and global PMIs (July – preliminary).

Technical levels

Source Link

Get real time updates directly on you device, subscribe now.

Leave A Reply

Your email address will not be published.