|Day's range||1.2417 - 1.2458|
|52-week range||1.0379 - 1.2679|
The British pound has fallen hard during the trading session on Monday as it looks like the market will continue to see concerns bubble to the surface.
The U.S. dollar climbed higher in early European trade Monday after a healthy jobs report prompted traders to price in a continuation of the Federal Reserve’s hawkish stance. The dollar has been boosted by the release of forecast-smashing U.S. jobs figures, prompting U.S. Treasury yields to soar as a robust labor market coupled with stronger-than-expected print on the Fed’s preferred inflation index earlier in May pointed to the U.S. central bank keeping interest rates higher for longer. The Fed meets next week and expectations of another rate increase are rising, particularly given the growing hopes the U.S. economy is headed for a 'soft landing' after Congress's approval last week of a debt ceiling deal that averts U.S. default.
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The British pound rallied during the course of the trading week but has hit a bit of a brick wall at the 1.2550 level.
The British pound has gone back and forth during the trading session on Friday, as the jobs report came out much stronger than anticipated.
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The U.S. dollar slipped lower in early European trade Friday, adding to the previous session’s sharp losses after the U.S. Congress approved the debt ceiling bill, while traders awaited the widely watched monthly payrolls release. The U.S. Senate late Thursday passed legislation lifting the government's $31.4 trillion debt ceiling, a day after the House of Representatives had done the same. The bill now heads to the White House for President Joe Biden to sign it into law, averting what would have been a first-ever default as the Treasury Department had warned it would be unable to pay all its bills on June 5 if Congress failed to act by then.
The British pound initially pulled back a bit during the trading session on Thursday but has found enough support near the 50-Day EMA to show signs of life. Ultimately, this is a market that still has a lot of noise ahead.
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The British pound has initially tried to rally during the day on Wednesday but turned around to show signs of life at the 1.2350 level.
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The British pound has rallied significantly from the 1.2350 level, showing signs of life again on Tuesday.
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The British pound initially tried to rally during the trading session on Monday, but as it was Memorial Day, liquidity was an issue.
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The British pound fell rather hard during the course of the trading week to reach the 1.2350 level, where buyers have stepped in to pick up the market.
The British pound has rallied a bit during the trading session on Friday, as we have broken above the 1.2350 level and tested the 50-Day EMA.
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The British pound has gone back and forth during the trading session on Thursday as we continue to see a lot of noise in the Forex markets.
The U.S. dollar gained in Europe Thursday, climbing to a two-month high on rising fears of a U.S. default as Fitch threatens a rating downgrade. At 02:55 ET (06:55 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, rose 0.2% to 103.955, just below the 104.05 overnight peak, the highest level since mid-March. The dollar’s safe haven status has meant that it has benefited from the lack of progress in the talks to lift the U.S. government's $31.4 trillion debt ceiling, with the early-June deadline that Treasury Secretary Janet Yellen said is when it’s “highly likely” that her department will run out of money drawing nearer.
The British pound has gone back and forth during the trading session on Wednesday, as we continue to see a lot of noisy trading. The 50-Day EMA of course, is attracting a lot of attention.
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While talks between both political parties continue over the lifting of the U.S. government's $31.4 trillion debt ceiling, any progress seems to be hard won and there are few signs of a deal being reached anytime soon. There’s now just over a week before the early-June deadline that U.S. Treasury Secretary Janet Yellen said is when it’s “highly likely” that her department will run out of sufficient cash to function as normal.