Sterling rises on dollar bearishness.
Sterling rising strongly today under the strong dollar bearishness as the as Treasury yields stalled amid growing expectations the United States will not rise interest rates soon. This come after Dallas Federal Reserve President Robert Kaplan reiterated his view that he did not expect interest rates to rise until next year. The growing market consensus is that the Fed will tolerate what it sees as a temporary acceleration in inflation – adding to dollar sales. The other factor driving the pair up is Britain’s unemployment rate unexpectedly falling to 4.8% between January and March. The data reinforced market expectations that Britain would see a strong economic recovery from the pandemic – driving sterling gains.
Except buyers on downward corrections.
Next resistance to watch – 1.4236
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