Home Daily Commentaries GBP/USD down almost 1% in 24 hours

GBP/USD down almost 1% in 24 hours

Daily Currency Update

Over the last 24 hours, the Pound reached its lowest point against the US Dollar since mid-June. This drop of nearly 1% in the GBP/USD pairing marks the most significant 24-hour decline since the end of July.

Key Movers

The US dollar climbed to its highest level in over two months, progressing towards its sixth consecutive week of strengthening. This ascent was driven by investors seeking the dollar's stability while anticipating a speech from Jerome Powell, the Chair of the Federal Reserve. The aim of this speech is to assess the future direction of interest rates.

During the Jackson Hole Economic Policy Symposium, the markets will carefully examine Powell's discourse on monetary policy. The goal is to gain more precise insights into the Federal Reserve's stance on potential interest rate increases and the duration it intends to maintain these elevated rates.

Expected Ranges

  • GBP/USD: 1.2545 - 1.2615 ▼
  • GBP/EUR: 1.1645 - 1.1695 ▲
  • EUR/USD: 1.0735 - 0.0805 ▼