The pound had a torrid session yesterday, falling against the majority of currencies. GBP/USD has already lost more than 2% since we opened on Monday and is showing little sign of a correction. The marginal improvement in risk mood early Wednesday is doing little to nothing to help sterling get a foothold.
In the absence of high-tier macroeconomic data releases, the greenback continues to capitalize on safe-haven flows. Reflecting the broad-based dollar strength, the US Dollar Index (DXY) is sitting at its highest level since March 2020.
With little in the way of key economic data releases today, all eyes will be on the advance GDP from the US out tomorrow.
Have a great day.
Author: William Jones, Senior Relationship Manager.
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