Newsletter
[mailpoet_form id="1"]

Will send a newsletter once per week.

articles

Factors To Consider When Choosing A Broker For Trading At Forex Market

With such a diverse selection, picking a reliable broker is a daunting task, but there are some universal tips which will help to make the right decision.

Why May Your Broker Refuse To Withdraw Money?

Why can a broker be reluctant to pay money out and what shall you do retrieve your earnings?

How To Detect A Reliable Broker From A Bad Actor?

If you think of becoming a trader, start your carrier not with learning the Forex basics but with learning how to distinguish trustworthy brokerages from shady operators.

31.03.2021

Pound Rallies Against Dollar Boosted by Upbeat UK GDP Data, Lower US Yields

The Sterling pound fell against the dollar fueled by the upbeat UK Q4 GDP data released in the early London market as the greenback remained largely weak. The GBP/USD currency pair also benefitted from the elevated investor risk appetite that drove riskier currencies and assets higher at the dollar’s expense.
The GBP/USD currency pair rallied from a low of 1.3716 in the late Asian market to a high of 1.3811 in the American session and was trading near these highs at the time of writing.
The currency pair’s initially fell driven by the weak market sentiment as investors waited for the UK data. The release of the upbeat UK Q4 GDP report triggered the pair’s rally. According to the Office for National Statistics, the country’s GDP grew 1.3% in Q1 compared to Q4, beating analysts’ estimates of 1% growth. The positive British total business investment data for Q4 also contributed to the pair’s rally. The upbeat UK Q4 current account balance also fueled the pound’s rally. The downbeat UK Nationwide housing prices index for March had a muted impact on the pair.
During the American session, the cable edge higher after the US ADP employment change report came in at 517,000 jobs missing consensus estimates of 550,000 jobs. The pullback in US 10-year Treasury yields also drove the pound higher. The upbeat ISM Chicago Business Barometer had a muted impact on the pair.
The currency pair’s future performance is likely to be affected by geopolitical events and US dollar dynamics, given tomorrow’s empty UK dockets.
The GBP/USD currency pair was trading at 1.3785 at 18:25 GMT after rallying from a low of 1.3716. The GBP/JPY currency pair was trading at 152.63, having risen from a low of 151.56.
If you have any questions, comments, or opinions regarding the Great Britain Pound, feel free to post them using the commentary form below.

Original from: www.earnforex.com

No Comments on “Pound Rallies Against Dollar Boosted by Upbeat UK GDP Data, Lower US Yields”

Your email address will not be published. Required fields are marked *