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Sterling does an about-face on the US dollar but dips against euro

Forex Dec 08, 2022 08:11
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Proactive Investors - Despite looking weak in the earlier hours, Cable did an about-face in yesterday’s session and ended the day 0.6% higher at 1.220.

It was unsurprising given the general direction the greenback is headed (down, that is), and indicatively, the US Dollar Index (DXY) opened this morning’s session 0.3% lower at 104.84.

In this morning’s Asia trading window, the GBP/USD pair has inched higher to 1.221, and there is little on the economic calendar to suggest any catalyst for dramatic price action today.

GBP/USD is generally bearish as speculation of dollar top mounts – Source: tradingview.com

USD/CAD, which was on a bit of a rally leading up to the Bank of Canada’s Wednesday interest rate decision, fell back to an intraday day low of 1.358 when the bank opted for a 50 bps hike over the softer 25 bps option.

The pair is changing hands slightly lower at 1.356 in today’s Asia session.

Yesterday’s Eurozone GDP figures came in slightly higher than expected, with third-quarter growth of 0.3% beating out 0.2% forecasts.

The most vigorous growth, of 2.3%, was recorded in Ireland, with Malta and Cyprus expanding at 1.3%, while the steepest declines were in Estonia, Latvia and Slovenia.

In response, EUR/USD closed Wednesday 0.4% higher at 1.051 and has held onto that price point this morning.

While the euro closed lower against the pound, the EUR/GBP pair has so far gained 0.12% in today’s Asia trading session and is currently changing hands at 86.19p.

Read more on Proactive Investors UK

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Sterling does an about-face on the US dollar but dips against euro
 

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