Unbeatable Pound Rising, USD Weakening Weak - Kakiforex | Forex markets for the smart money. Unbeatable Pound Rising, USD Weakening Weak Unbeatable Pound Rising, USD Weakening Weak

February 24, 2021

Unbeatable Pound Rising, USD Weakening Weak

 Pound currency trading continued to benefit from the weakness of the greenback dollar, as well as being supported by market confidence in a stronger economic recovery.

As trade enters the European session, the pound sterling is firmly above the 1.40000 price level against the US dollar after breaking the latest high of the previous session at 1.42000.

Prospects for a strong recovery have also led to speculation from the market that the Bank of England (BOE) is likely to raise interest rates faster than expected.

Not only that, but with 18 million people in the UK already vaccinated and the country's willingness to consider the implementation of vaccine passports, it has offered additional strength for pound trading.

Meanwhile, the US dollar continued to weaken after receiving pressure from a dovish statement from Federal Reserve (Fed) Chairman Jerome Powell telling Congress that current monetary policy was needed to support a recovery towards reaching targets.

The Fed also looks unaffected by the recent rise in inflation, saying it will allow it to slightly lower its 2% target for some time before tightening policy.

Compared to its main competitors, the greenback dollar continued to trade around 90.00.