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Sterling still strong against US dollar, despite slight weekend dip

Forex Nov 28, 2022 08:11
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Sterling still strong against US dollar, despite slight weekend dip
 
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Proactive Investors - Cable pushed slightly higher this morning after losing 30 pips during the Sunday session, while UK 10-year gilt yields fell in unison by a quarter of a percent to 3.11%.

Though Sterling is lower against last week’s highs, the GBP/USD pair is still sitting strong at 1.207, supported by a weaker greenback as the market considers a slower pace of rate hikes from the US Federal Reserve following November’s softer-than-expected CPI print.

GBP/USD going strong, despite small weekend dip – Source: dailyfx.com

The US Dollar Index (DXY) pared back 0.2% in this morning’s Asia trading session, continuing a bearish trend following the release of the Federal Open Market Committee’s minutes last Wednesday.

A majority of Fed officials judged that a slowing in the pace of the fed funds rate increase would soon be the right course of action, prompting cautious sentiment towards the greenback.

EUR/USD is changing hands at 1.037, an incremental gain against the day. The pair remains buoyant due to a persistently hawkish attitude from the European Central Bank.

The euro has been trapped in a two-week losing streak against the pound, with further losses this morning bringing the EUR/GBP pair down to 85.93p.

A quiet economic calendar is scheduled for this Monday, apart from ECB President Christine Lagarde’s speech before the Committee on Economic and Monetary Affairs (ECON) of the European Parliament in Brussels.

Read more on Proactive Investors UK

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Sterling still strong against US dollar, despite slight weekend dip
 

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