GBP performing near the top of its recent ranges

Hi everyone,

 

The Pound has so far enjoyed a good week across the board. Rishi Sunak has been announced as the new UK Prime Minister and has put together a strong and experienced cabinet, that has gone down well with markets. The reason for the resilience shown this week though comes via the stock market. 

 

Stocks have gained for three consecutive days, after staging a comeback last week. This is why we have seen the $ fall against all currencies, as traders move their money away from the safe haven currency and into more 'risky' currencies and stocks (GBP being one of them). The rally comes after signs the Fed may look to slow down interest rate hikes. 

 

Sterling now sits at pre-budget levels and may continue its form over the next couple of days. However, this depends solely on how the EU & US economic data goes. The main event of course is tomorrow's ECB interest rate decision and the following press conference. These days, the central bank dates are the most important on the calendar and so you can bet volatility will be seen over the next 48-hours. 

 

 
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