GBP Marks 6-wk highs on Weak USD, Supported by Jobs Data
#Pound #Dollar #jobs
The Pound Sterling hit its highest mark in more than 6 wks Vs the USD Tuesday with the Greenback’s continuing decline and a positive labor report from Great Britain lending support to the currency.
GBP crossed the $1.40 mark for the 1st time in nearly a month on Monday, rising 1% as it benefited from a broadly weakening USD that took a hit as risk sentiment returned and volatility slumped in global markets.
Cable is benefiting from the 2X tailwind of a post long-squeeze rebound after a positioning adjustment earlier in March and the rising EUR-USD.
Sterling is correlated with global growth and typically tends to benefit from positive risk sentiment.
Cable has been among the best performing in the G10 group of currencies this yr as investors hope Britain’s rapid pace of vaccinations will lead to a strong economic rebound from the country’s worst economic contraction in 300 yrs.
Have a healthy day, Keep the Faith!
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