|Day's range||1.2520 - 1.2545|
|52-week range||1.0379 - 1.2679|
London stocks rose in early trade after the US Senate passed a bi-partisan agreement to raise the debt ceiling.
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.
Optimism over a US-debt deal agreement weighed on gold prices as investors once again gravitate towards riskier assets.
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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.
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The British pound fell a bit during the trading session on Tuesday to show signs of weakness after PMI numbers came out weaker than anticipated.
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