02/10/2025
GBP/USD reached its highest level in 13 months yesterday, while the EUR/USD hit a new 9-month peak as the trend of selling off the US dollar persisted.
The US Dollar continued to decline throughout yesterday’s trading session, as positive market sentiment persisted ahead of Friday’s Jackson Hole symposium.
Optimism surrounding the US economy persisted on Friday, pushing equity markets higher and recovering the losses incurred earlier in the month.
Equity markets saw a significant rebound following the release of strong US Retail Sales data for June, which showed a 1% increase, surpassing the expected 0.3% growth.
This morning’s UK GDP figures for Q2 showed a slight underperformance, with growth at 0.6%, just under the anticipated 0.7%.
The US dollar weakened yesterday after the latest US Producer Price Inflation Report revealed that price increases for July were below expectations.