The Sterling pound today traded at 2-month lows against the US dollar as European markets reopened following the long Easter weekend. The GBP/USD currency pair today fell to new lows as the greenback rallied higher in the American session amid a lack of releases from the UK docket.
The GBP/USD currency pair today fell from a session high of 1.3019 in the early London session to a low of 1.2926 in the American session and was near these levels at the time of writing.
The currency pair today traded in a tight sideways range during the Asian session as it was stuck in a 15-pip range. However, the pair rallied higher in the early London session as buyers stepped in and pushed the cable to its daily highs. The pair then fell shortly thereafter and kept falling all the way into the American session as cross-party Brexit talks resumed. The pair’s fall was further fueled by rumors that senior Conservative Party leaders were planning to drive Theresa May out of power. Reports indicated that party members wanted the Prime Minister out of the way before the European Parliament elections scheduled for next month.
The greenback’s rally as tracked by the US Dollar Index was largely driven by shifting investor risk sentiment in favor of safe haven assets. The greenback was an investor favorite as global equities fell.
The cable’s future performance is likely to be influenced by tomorrow’s UK public finances data and Brexit headlines.
The GBP/USD currency pair was trading at 1.2941 as at 16:24 GMT having fallen from a high of 1.3019. The GBP/JPY currency pair was trading at 144.73 having dropped from a high of 145.62.
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