GBP/USD advances to multi-year highs above 1.3600 on renewed USD weakness
The post GBP/USD advances to multi-year highs above 1.3600 on renewed USD weakness appeared on BitcoinEthereumNews.com.
GBP/USD gathered bullish momentum and rose to its highest level since February 2022. Disappointing weekly US Jobless Claims data weighs on the USD. Markets await comments from Federal Reserve policymakers. GBP/USD gained traction in the American session on Thursday and climbed to its highest level since February 2022 above 1.3600. At the time of press, the pair was up 0.4% on the day at 1.3605. The broad-based selling pressure surrounding the US Dollar (USD) seems to be fuelling GBP/USD’s daily rally. Earlier in the session, the data published by the US Department of Labor showed that the number of first-time applications for unemployment benefits rose to 247,000 in the week ending May 31. This reading came in worse than the market expectation of 235,000 and weighed on the USD. Additionally, European Central Bank (ECB) President Christine Lagarde’s hawkish comments triggered capital outflow out of the USD. After the ECB’s decision to cut key rates by 25 basis points, Lagarde noted that they are in a good place and that they might be approaching the end of the current policy cycle. Reflecting the USD weakness, the USD Index was last seen losing 0.4% on the day at 98.45. On Friday, the US Bureau of Labor Statistics will publish the May employment report. Ahead of this key release, several Federal Reserve (Fed) policymakers will be delivering speeches in the American session on Thursday. According to the CME FedWatch Tool, markets are currently pricing in about a 30% probability of a 25 bps Fed rate cut in July. Pound Sterling FAQs The Pound Sterling (GBP) is the oldest currency in the world (886 AD) and the official currency of the United Kingdom. It is the fourth most traded unit for foreign exchange (FX) in the world, accounting for 12% of all transactions, averaging…
Filed under: News - @ June 5, 2025 5:27 pm