With the European markets recovering after a down start, sterling’s retreat from the intraday high of 1.2065 observed in the early European session has extended to the 1.2020 range.
On Thursday, investors’ optimism over China’s Zero-COVID policy ending waned.
Additionally, the Bank of England’s 0.5% interest rate increase in December, which followed a 0.75% increase in November, has fueled rumor’s of a more relaxed monetary tightening in 2023 and a lower Bank Rate peak, which is hurting the pound sterling.
The US dollar has recovered from levels just above 104.00 to return to 104.30 against the world’s most popular currencies, reflecting a modest recovery in US Treasury yields.
|
Daily SMA20 |
1.2176 |
|
Daily SMA50 |
1.1874 |
|
Daily SMA100 |
1.1669 |
|
Daily SMA200 |
1.2057 |
