Finished! Pound's Profit Erased Due to USD Surge - - Financial Market Media No. 1 in the World Finished! Pound's Profit Erased Due to USD Surge Finished! Pound's Profit Erased Due to USD Surge

June 1, 2021

Finished! Pound's Profit Erased Due to USD Surge

 The surge displayed by the US dollar has wiped out the gains made by the pound currency from the previous session.

At the time of writing, the dollar index which measures the strength of the greenback dollar against a basket of major currencies is trading higher at a price range of 89.89.

The increase follows the increase exhibited by the 10 -year US treasury yield which rebounded at 1.63%.

The pound traded lower below 1.42000 against the US dollar, down from a three -year high it reached at the start of the Asian session. This in turn erases the gains recorded by the currency today.

The release of the US ISM manufacturing PMI data to be released tonight will be the main focus of the market to determine the direction of the next movement for the US dollar.

This data will also serve as the first indication by the market ahead of the NFP jobs report on Friday.

Meanwhile, the euro also depreciated lower after showing an encouraging performance during the opening of the European session.

On the other hand, the Aussie and New Zealand dollars also showed declines after recording modest gains at the beginning of the session.

The market has previously been marked by the announcement of monetary policy by the Reserve Bank of Australia (RBA) which kept interest rates unchanged at 0.10%.

The Canadian dollar traded stronger supported by the strengthening of global crude oil prices, which rose to their highest level since October 2018.