The Dollar strengthened after PMI data signalled the U.S. economy expanded in October, in contrast to those of the Eurozone and UK.
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"With yields on the retreat, the U.S. dollar got hammered as its interest rate advantage was eroded away, pushing the dollar index to its lowest levels in a month," writes Marios Hadjikyriacos, Sen…
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GBPUSD technical outlook is improved, but key test comes on Tuesday with PMI release.
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The Dollar was sold after the Federal Reserve Chair said U.S. financial conditions and tightened considerably and that it might have a bearing on future decisions regarding interest rates.
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GBPUSD retains a heavy tone amidst soft global investor sentiment and fears that the Chair of the Federal Reserve will signal a further rate hike when he speaks later today.
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GBPUSD has flipped short-term bearish, 2023 lows a target for the near-term.
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Pound Sterling fell sharply following the release of U.S. inflation numbers that beat expectations although the scale of the surprise was relatively limited which suggests losses can be contained, …
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