Weekly Update: USD Dented by US Payrolls, Pound Rallies

US Dollar

The Pound recovered from losses at the start of the week to climb higher after the UK’s services PMI revealed the sector grew at its fastest rate in 24 years. Meanwhile, the US Dollar benefitted from several upbeat US data releases before plunging as May’s payrolls report fell below expectations. Pound Buoyed by Impressive Service … Read more Weekly Update: USD Dented by US Payrolls, Pound Rallies

Euro Rises as Eurozone Factory Activity Soars, Pound Slips

Pound Sterling

Pound News: Could Covid-19 Fears Delay UK Lifting of Lockdown? The Pound is shedding ground today despite being at a three-year high against the weaker US Dollar on Monday. In UK economic data news, today saw the release of the latest manufacturing PMI for May, which fell below consensus from 66.1 to 65.6 but still … Read more Euro Rises as Eurozone Factory Activity Soars, Pound Slips

Weekly Update: Pound Rallies on BoE Remarks, USD Stumbles in Upbeat Trade

pound receeding

The Pound rallied from its worst level since mid-May this week in response to hawkish comments from a Bank of England (BoE) policymaker. At the same time, the US Dollar spent most of the week on the defensive as a prevailing risk-on mood sapped demand for the safe-haven currency. Pound Rallies on Hawkish BoE Comments … Read more Weekly Update: Pound Rallies on BoE Remarks, USD Stumbles in Upbeat Trade

Pound Skyrockets, USD Bolstered by Soaring Inflation

Pound Sterling

The Pound benefited from a notable relief rally this week, as any immediate fears of a Scottish independence referendum were eased by the SNP’s failure to secure a majority in last week’s election. At the same time, a stronger-than-expected jump in US inflation propelled the US Dollar higher this week. Pound Surges as Political Uncertainty … Read more Pound Skyrockets, USD Bolstered by Soaring Inflation