DB US Dollar Index Bullish Fund Invesco (NY: UUP )
28.03 +0.17 (+0.61%) Official Closing Price Updated: 8:00 PM EDT, Mar 24, 2023 Add to My Watchlist
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GBP/USD Clings To Modest Gains Around Mid-1.1800s Amid Softer USD, Lacks Bullish Conviction
March 09, 2023
GBP/USD gains some positive traction for the second successive day amid a modest USD downtick. The fundamental backdrop warrants caution before positioning for any further appreciating move.
GBP/USD has sensed selling interest after a less confident recovery to near 1.1850 amid the risk-off mood. Fed’s Powell has reiterated the need for bigger rates to bring down persistent US inflation.
Chair Powell spoke this morning and his statement suggested the Fed is willing to be more aggressive to keep inflation in check, and his statement sent bearish shockwaves through the equity market.
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