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The British pound has given away gains and dives to US session lows at 1.1450 after the positive US economic data dampened hopes of a Fed pivot in December.
The pound has lost nearly 100 pips in a matter of minutes, following the release of a set of positive US macroeconomic indicators. The pair has dropped from levels near 1.1550, giving away all the ground taken during Tuesday’s Asian and European trading sessions, to hit lows at 1.1455.
A series of better-than-expected macroeconomic releases boosted confidence in the momentum of US economy, easing concerns of a potential slowdown triggered by previous disappointing data and clearing the path for the Federal Reserve to extend its aggressive tightening path beyond November. This has also boosted the dollar and US treasury bonds.
