Sterling Retreats as Risk-Off Sentiment Weighs on the Single Currency
The Pound Sterling declined by 0.13% against the greenback, which remained relatively flat on the day, as shifting risk appetite triggered a sell-off in ASML following reports of a Chinese state-backed firm entering the chipmaking machine production sector. The GBP/USD pair stood at 1.3305, down from a daily high of 1.3363.
Sterling Rebounds Past Mid-1.3300s as a Weaker Dollar Offers Support
The GBP/USD pair extended its modest rebound from a three-week low, gaining sustained positive momentum at the start of the new week. This marked the second consecutive day of upward movement, lifting spot prices above the mid-1.3300s during the Asian session against a broadly softer US Dollar (USD).
Sterling Gains Ground as Falling Oil Prices Undercut the Dollar
The Pound Sterling advanced by approximately 0.20% on Friday as declining oil prices pressured the US Dollar, even as tensions between the US and Iran suggested further escalation, which traders largely overlooked. Despite securing daily gains, the GBP/USD was expected to conclude the week with losses of nearly 0.70%.
