Pound Breaks Above 1.34 vs Dollar as Fed Minutes Weigh on Greenback
The British Pound rose above 1.34 against the US dollar on Thursday as the greenback weakened after the Federal Reserve's latest meeting minutes. The US dollar remained under pressure after the Fed minutes highlighted differing policy views, while optimism over renewed US-Iran negotiations reduced demand for safe-haven assets despite continued military exchanges. Sterling also found support from stable domestic sentiment, as Andrew Burnham pledged to maintain Chancellor Rachel Reeves' fiscal rules, easing debt concerns during a quiet week for UK economic data. Earlier in the day, United Overseas Bank predicted that "there is a chance for GBP to test 1.3420 before the risk of a pullback increases." At the time of writing, GBP/USD was trading at 1.3393, up 0.04%, after reaching an intraday high of 1.3431.
The British Pound rose above 1.34 against the US dollar on Thursday as the greenback weakened after the Federal Reserve's latest meeting minutes.
The US dollar remained under pressure after the Fed minutes highlighted differing policy views, while optimism over renewed US-Iran negotiations reduced demand for safe-haven assets despite continued military exchanges.
Sterling also found support from stable domestic sentiment, as Andrew Burnham pledged to maintain Chancellor Rachel Reeves' fiscal rules, easing debt concerns during a quiet week for UK economic data.
Earlier in the day, United Overseas Bank predicted that "there is a chance for GBP to test 1.3420 before the risk of a pullback increases." At the time of writing, GBP/USD was trading at 1.3393, up 0.04%, after reaching an intraday high of 1.3431.