Pound Decline Continues With Forex Market Under Pressure
The US Dollar continued its decline against a number of other currencies. The euro, pound and yen all rose against the USD. The Pound fell to US$1.2535 and in the Pound/EUR exchange rate, 1.29. The Pound has been trading within a range of 1.20-1.30 since the middle of last month, but it has been within that range for the past few weeks.
The Pound continues to fall against major currencies as the British currency plumbs all-time lows against the US Dollar and Euro. The Pound is now worth less than it was three years ago, and shows no sign of stopping.
The British pound continued its downward trend yesterday, as the UK currency started the week on a negative note. The pound has been struggling to hold on to its value since the Brexit vote, which sent the British pound sharply down against other currencies. The pound has fallen more than a full percent since the end of June, according to Bloomberg.. Read more about is forex trading profitable and let us know what you think.
Dollar appreciation hits the pound
Resumption of work Concerns about virus varieties remain
Strong growth in equity markets continues
The British pound remained under pressure this week as the US dollar strengthened. The pair fell below 1,415 as the US dollar showed control and there was little positive news for the pound. This is because COVID, and in particular its delta variant, is increasing in the UK and across the EU. However, these concerns have not yet impacted Wall Street. Despite a slow opening today, markets have been positive for the better part of the past 7 days.
The dollar regains the lead and the pound weakens
While the UK is sticking to its trade recovery plan, the pound has led the way until recently. While the UK’s back-to-work plan has not been affected, domestic concerns and concerns about the COVID issues are now affecting sterling trade. The currency is at a low ebb, not helped by the faltering dollar. Viral concerns aside, Britain and its leader Boris Johnson are still dealing with the aftermath of Brexit in the background. The biggest problem remains the customs border between the United Kingdom and Northern Ireland. Much to the chagrin of EU leaders, Britain seems content to continue to ignore this part of the deal made. This continues to increase uncertainty about future relations with the bloc.
Euro remains stable despite rising GDP
On a relatively quiet day for eurozone core figures, they too felt the force of the US dollar’s return, but not as strongly as their UK neighbours. This is reflected in the fact that despite an increase in final GDP data for the region’s first quarter, the euro remains under pressure, trading below the 1.22 level against the dollar. In contrast, Germany’s ZEW indicator of economic sentiment missed its target today. The decision follows disappointing data on factory orders in April in the EU’s largest economy. The data showed a decline of 0.2%, while analysts were expecting a 1% increase.
As currency traders struggle with demand for the USD, Wall Street is posting a string of steady gains. Despite a relatively flat opening today, markets generally remained strong on the day. This has led to a sharp increase in the number of technology companies and start-ups. US government bond yields remain a key influencing factor. These indicators remain weak despite ongoing concerns about inflationary pressures. Activity is also picking up in the retail sector. This has led to a significant increase in many popular names such as AMC and Clover Health. The SEC said it will continue to monitor what is going on and take steps to protect retail investors.It is a common misconception that Bitcoin, the world’s leading cryptocurrency, is only used for criminal activities. The reality is you cannot buy a cup of coffee with Bitcoin, it is not widely accepted, and it cannot be used to purchase goods or services as it is not a currency. However, this does not mean that Bitcoin is only used by criminals. In fact, it is often used by legitimate businesses and buyers who are not interested in criminal activities.. Read more about is forex legit and let us know what you think.
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