USD weakness supports GBP USD appreciation
Updated
The GBP/USD pair attracted some buying pressure in the first trading session of the week around the 1.2470 area and approached the psychological level of 1,250.
The US Dollar (USD) struggled to register any meaningful recovery and weakened near its lowest level since September 1, which was seen as a key factor acting as support for GBP/USD pair. The US CPI and PPI reports released last week showed that the nightmare of high prices is finally over. This will allow the Federal Reserve (Fed) to maintain the status quo at its December meeting and continue to put pressure on the USD.
In addition, the overall positive trend in Asian stock markets further weakened the safe-haven greenback and supported the GBP/USD pair.
The US Dollar (USD) struggled to register any meaningful recovery and weakened near its lowest level since September 1, which was seen as a key factor acting as support for GBP/USD pair. The US CPI and PPI reports released last week showed that the nightmare of high prices is finally over. This will allow the Federal Reserve (Fed) to maintain the status quo at its December meeting and continue to put pressure on the USD.
In addition, the overall positive trend in Asian stock markets further weakened the safe-haven greenback and supported the GBP/USD pair.
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