By: DailyForex.com
Though currently under some pressure, earlier today the Pound Sterling had been trading near to a 3-week peak versus the US Dollar. The GBP/USD pair is still poised to record its best week of the last six as concerns over the economy in the wake of the Brexit vote continue to wane. Yesterday, the Pound touched a 2-week peak versus the common currency Euro. Though analysts express caution, the latest economic data appears to confirm that the United Kingdom’s economy is no worse off now, nor is the outlook greatly diminished, than it was before the June 23rd vote.
As reported at 10:53 am (BST) in London, the GBP/USD was trading at $1.3226, down 0.03%; the pair has ranged from a session low of $1.3200 to a peak of $1.3262. The EUR/GBP was higher at 0.8533 Pence, with today’s range at 0.8497 Pence to 0.8542 Pence.
Market Focus on Jackson Hole
Markets are turning their attention to Jackson Hole, Wyoming where they await the speech by the Federal Reserve Chair, Janet Yellen. It is hoped that Ms. Yellen will provide some new clues to the likelihood of an interest rate hike. Recently, some other Fed officials had expressed decidedly hawkish sentiment which has led investors to believe that the Fed chief could echo their rhetoric and point to an imminent rate increase.