Pound Drops Against Majors
August 06 2024 - 8:05AM
RTTF2
The pound fell against its major counterparts in the New York
session on Tuesday, as the U.S. dollar rebounded amid easing
recession fears.
Better-than-expected ISM services report and comments from
Federal Reserve officials helped ease concerns about a
recession.
San Francisco Federal Reserve President Mary Daly said on Monday
that policy easing will begin later this year, although the timing
and the extent of reduction depend on the incoming information.
Chicago Fed President Austan Goolsbee told CNBC on Monday that
the economy is not overheating and the central bank is prepared to
respond if economic conditions deteriorate.
Survey results from S&P Global showed that the UK
construction sector expanded at the fastest pace in more than two
years in July as election-related slowdown proved to be
temporary.
The headline S&P Global construction Purchasing Managers'
Index rose unexpectedly to 55.3 in July from 52.2 in June. The
reading was forecast to fall to 51.0.
The pound edged down to 1.0788 against the franc, 182.81 against
the yen and 0.8613 against the euro, from its early highs of
1.0950, 187.10 and 0.8561, respectively. The currency is poised to
challenge support around 1.06 against the franc, 178.00 against the
yen and 0.88 against the euro.
The pound weakened to near a 5-week low of 1.2672 against the
greenback. The currency is seen finding support around the 1.24
level.
Sterling vs US Dollar (FX:GBPUSD)
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Sterling vs US Dollar (FX:GBPUSD)
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