Below are Views On Currency Update - sterling pound by Heena Naik, Research Analyst - Currency, Angel Broking Ltd
Currency Update - Sterling Pound
In the last two days, both GBPUSD and GBPINR have surged by almost 0.48 percent and 0.72 percent, touching the higher levels of 1.3893 and 103.50 respectively. This positive trend is likely to continue for some more time owing to the reasons mentioned below:
- Early data showed an ebb in surging COVID-19 cases in Britain in spite of the removal of many social curbs last week.
- British retailers reported only a slight slowdown in July after sales growth hit its highest in almost three years in June, the first full month after non-essential shops reopened from a coronavirus shutdown.
- US Dollar Index slumped after the US 10-year debt touched a record low, which for some reflects concerns over the spread of the delta coronavirus variant and a possible peak in the economic recovery from the pandemic.
- Markets will closely watch for any hints from the US Feds in relation to inflation, economic growth, interest rates and when the committee will likely start reducing its purchases of government bonds.
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