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Risk Sentiment Provides Support to Sterling

The GBP/USD has gained 3.5% since January 1st thus far, the best performer of all of the G10 currencies.

GBPAn improvement in risk sentiment helped keep the pound sterling close to a 3-year peak after hitting a high of $1.4295 in yesterday's trading. Analysts continue to espouse a positive outlook for sterling, based on the likelihood that the economy will recover at a quicker pace than nearby peers. In general, relief that a no-Brexit deal had been avoided also helps to prop up the currency. The GBP/USD has gained 3.5% since January 1st thus far, the best performer of all of the G10 currencies. Data from earlier this week showed an improvement in the UK's labor situation, with the numbers of unemployed lower than expected and average earnings rising.

In London trading as of 11:22 am, the GBP/USD was trading at $1.4163, a gain of 0.157%; the pair has ranged from a low of $1.41210 to a peak of $1.41765 in today's session. The GBP/JPY was higher at 150.20 yen, a gain of 0.3514%, off the session high of 150.436 yen, while the low was recorded at 149.527 yen. The EUR/GBP was trading at 0.8641 pence, up 0.004%, with the pair ranging from 0.85960 pence to 0.86452 pence in today's session.

Fed's Powell Helps High-Risk Currencies

On Wednesday, the head of the Federal Reserve assured markets that, despite the threat of rising inflation, the central bank's loose monetary policy would not be withdrawn until there were clear signs that the US economy was improving. Jerome Powell's comments helped to push risk assets higher, with both the Aussie, Kiwi and Canadian dollars benefiting. The AUD/USD is up 0.4259% and trading at $0.7994, while the NZD/USD is up 0.2556% and trading at $0.7454. The USD/CAD is down at C$1.2478, a loss of 0.31%, off the session trough of C$1.124708.

Barbara Zigah
About Barbara Zigah

After working on Wall Street, Barb began her second career as a freelance writer at Daily Forex, where the CEO recognized fresh, untapped potential and was willing to give her a try. She’s never looked back. Since then, she’s worked steadily as a freelance writer and editor in the financial services and Forex-related industry.


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