GBP stays in green against USD as dollar index slips

April 09, 2021 02:37 AM AEST | By Abhijeet

Google News:

GBP stays in green against USD as dollar index slips

Recent News

What are next big copper projects? UBS tells when equipment makers cou...

EUR/USD poised to rack up more gains as ECB and Fed rate paths set to...

Carney launches ‘One Canadian Economy’ Act to unify trade, approvals

Trump signs orders to enhance drone defenses, support supersonic trave...

Source:CHAINFOTO24, Shutterstock

Summary

GBP traded higher against USD, maintaining most of its morning gains.

The US dollar index retreated more than 0.30 per cent.

BoE had fixed a reference exchange rate 1.3788 USD on 7 April.

The Great Britain pound (GBP) gained strength against the United States dollar (USD) in the morning trades on Thursday, 8 April, partially reversing the losses booked on Wednesday. A considerable part of the strongness in domestic currency can be attributed to the greenback’s weakness.

The US dollar index, the metric that tracks USD’s strength against a basket of six currencies, retreated more than 0.30 per cent on Thursday after the minutes of the US Federal Reserve March policy meeting indicated that dovish stance may continue.

US Fed Chairman Jerome Powell is scheduled to speak at a virtual International Monetary Fund (IMF) conference later today.

According to the latest foreign exchange data available, the GBP vs USD pair was trading at 1.3761, 0.21 per cent from the previous close of 1.3734 (1517 GMT+1). During the day so far, the currency pair has shuttled between a low and high of 1.3720 and 1.3783, respectively, at the interbank foreign exchange market.

Pound sterling has been largely falling after attaining a high above 1.41 vs USD in the last week of February this year. Notably, the domestic currency has lost strength against the greenback after the Bank of England Governor Andrew Bailey-led Monetary Policy Committee (MPC) left the key lending rates unchanged at 0.1 per cent.

On the other hand, GBP has swiftly gained momentum against the euro and has been comfortably hovering near its 52-week highs. There have been a number of sessions when the currency staged a meaningful day after the OECD and the IMF restructured the growth forecast for United Kingdom in their respective periodic quarterly review.

The Bank of England had fixed a reference exchange rate 1.3788 USD and 1.1585 EUR against a unit of sterling on 7 April.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.