The British pound extends its losses to two successive days, trading below the 1.2200 mark, after touching a daily 1.2300 high mark and even retreating towards the 1.2190s area in the US trading session. The GBP\/USD pair is trading at 1.2189.
Market sentiment shifted sour after the disappointing US Consumer Confidence data dropped to 98.7 from a 103.2 downward revision in May, namely a decade low. US equities tumbled on the headline, which sparked a counter-cyclical move in the US dollar, rising instead of falling, and advanced back above the 104.000 mark, as shown by the US Dollar Index.
Further US economic data was revealed including the Richmond Fed\u2019s Manufacturing Index that fell below the expectations, shrinking from -19.0 versus expected -12.0, and the Dallas Fed Services Index contracted.
The GBP\/USD reacted negatively and had the same fate as US equities, tumbling below June\u2019s 27 low at 1.2238, exacerbating the downward move later, through the 1.2200 figure, registering a fresh weekly low at 1.2180.
Concerning the UK economic data, the house of commons approved the North Ireland Protocol bill, which would allow the UK to scrap the Brexit deal, which would trigger a trading war with the EU, and weighed on the GBP\/USD.
The US Dollar Index, a gauge of the buck\u2019s value against six currencies, underpinned by the rise in the US 10-year yield up by four bps at 3.234%, advances firmly above the 104.000 thresholds, at around 104.560, gaining 0.62%.
The US economic docket will feature the Fed Chair Jerome Powell on Wednesday at an event organized by the European Central Bank.<\/p>\n","protected":false},"excerpt":{"rendered":"
The British pound extends its losses to two successive days, trading below the 1.2200 mark, after touching a daily 1.2300 high mark and even retreating towards the 1.2190s area in the US trading session. The GBP\/USD pair is trading at 1.2189.Market sentiment shifted sour after the disappointing US Consumer Confidence data dropped to 98.7 from …<\/p>\n","protected":false},"author":13,"featured_media":38563,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[37,36],"tags":[8336,9779,6923,7034,7462,7787,9778,8324,8439],"class_list":["post-67811","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-forex-markets","category-market-updates","tag-consumer-confidence-data","tag-dallas-fed-services-index","tag-ecb","tag-gbp-usd","tag-market-sentiment","tag-north-ireland-protocol","tag-richmond-feds-manufacturing-index","tag-us-dollar-index","tag-us-equities"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/67811","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=67811"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/67811\/revisions"}],"predecessor-version":[{"id":67815,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/67811\/revisions\/67815"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/38563"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=67811"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=67811"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=67811"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}