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Pound To US Dollar Rate Tests 10-Week Best As Sterling Bounces
The Pound to Dollar (GBP/USD) exchange rate retreated to test support below 1.2700 on Monday but found solid support on dips and rebounded to 1.2780 after weaker-than-expected US business confidence data. GBP/USD will gain fresh traction if it can break above the 1.2800 level to 10-week highs. The US PMI manufacturing index was revised to 51.3 for the final reading from the flash reading of 50.9. Although the rate of increase in output prices slowed to a 5-month low, there was stronger upward pressure on costs. According to Andrew Harker, Economics Director at S&P Global Market Intelligence; “Cost pressures ... (full story)
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- Posted: Jun 4, 2024 12:18pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 2,391
