Throughout this week both GBP and EUR have outperformed the USD, until Thursday afternoon. Strong inflation data was released for the US and the trajectory for a potential further rate hike from the Federal Reserve is back on the table, at least that’s the market census for now.
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After hearing from 3 members of the Federal Reserve give their view on how they prefer the US central bank should go forward and how its performing, suggest further USD strength.
The pound rose against the dollar for the first time in almost a week, in line with a retreat in the U.S. currency, and after a survey showed UK business activity was less subdued than initially feared in September.
The British pound suffered its worst month against the U.S. dollar for a year in September, and strategists show little optimism for the rest of the year, as growth expectations weaken once again.
The month ended with GBPEUR at 1.1530 and GBPUSD at 1.22- over all the month of September was not very supportive for the Sterling and we saw a lot of weakness to end the quarter- although we have also seen a weaker Euro alongside a weaker Pound, it seems traders have found more value shorting the Pound as it was one of the better-performing currencies at the beginning of the year.
GBP/USD continued its struggle around the 1.21 area after yesterday’s strong performance from The Dollar. This was mainly due to 10 year Bond’s in The US touching 4.5% for the first time since 2007 and therefore bringing even more support to The USD.
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