GBP/USD extends its downward movement and approaches 1,3400 as the US enters the war between Israel and Iran
The GBP/USD pair extends the fall to around 1,3405 during negotiation hours in Asia on Monday. The fears that will be retaling against US attacks to their nuclear sites increase safe refuge flows, supporting the US dollar (USD). Investors expect the preliminary reading of the purchasing managers index (PMI) for June of the United Kingdom and the US, which will be published later on Monday.
The United States carried out air attacks in three nuclear sites in Iran early on Sunday despite the long -standing promises of US President Donald Trump to avoid new conflicts abroad, according to Bloomberg. Trump said that the key nuclear enrichment facilities of Iran had been “totally destroyed” and warned “much greater” attacks unless Iran agreed to make peace. Iran has promised to answer, saying that “it reserves all options.” The growing tension in the Middle East and the fears of a broader conflict increase the demand for safe refuge assets, which raises the dollar against the cable. Read more…
GBP/USD weekly perspective: Powell and Bailey comments will boost the movements of the sterling pound after a week of ups and downs
The sterling pound (GBP) achieved a late recovery against the US dollar (USD) after the GBP/USD torque ran to the monthly minimums below 1,3400. The price action around the GBP/USD par last week was mainly dictated by the ongoing developments around geopolitical climbing between Israel and Iran, even when commercial uncertainties continued to persist.
The US dollar received a double impulse amid the reactivation of the demand for secure refuge, thanks to the conflict in the Middle East, and the decision to maintain an aggressive position by the US Federal Reserve (FED). This resurgence of the USD weighed strongly on the sterling pound, feeding strong falls in the torque until the negotiation on Thursday at noon, while the markets digest the result of the moderate policy of the Bank of England (BOE). Read more…
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
