GBPUSD: The USD fell earlier than the PMI data, the Euro and Bri
Updated
The dollar edged lower in early European trade on Thursday, with risk sentiment buoyed by Nvidia's strong earnings, while traders awaited the release of business activity surveys. important for finding clues about the health of the global economy.
At 04:10 ET (09:10 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was trading 0.4% lower at 103.472, down nearly 1% year to date. this point this week.
Strong earnings from AI favorite Nvidia (NASDAQ:NVDA) boosted global confidence, resulting in the safe-haven dollar taking a hit, favoring more cyclical currencies .
The greenback hit a high this week, but remains more than 2% higher for the year, as traders eased aggressive bets on a series of interest rate cuts by the Federal Reserve this year.
Minutes of the Fed's late January meeting, released on Wednesday, showed that the bank is in no hurry to reduce interest rates in the near future. Speeches by several Fed officials this week also reiterated this hawkish stance, with policymakers citing concerns about tough inflation.
Attention now turns to the release of PMI data, weekly unemployment data and, more importantly, manufacturing and services PMI data for February, to gauge the economy's underlying strength.
GBP/USD traded 0.5% higher at 1.2701, with UK PMI data expected to show strong expansion in the country's dominant services sector.
At 04:10 ET (09:10 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was trading 0.4% lower at 103.472, down nearly 1% year to date. this point this week.
Strong earnings from AI favorite Nvidia (NASDAQ:NVDA) boosted global confidence, resulting in the safe-haven dollar taking a hit, favoring more cyclical currencies .
The greenback hit a high this week, but remains more than 2% higher for the year, as traders eased aggressive bets on a series of interest rate cuts by the Federal Reserve this year.
Minutes of the Fed's late January meeting, released on Wednesday, showed that the bank is in no hurry to reduce interest rates in the near future. Speeches by several Fed officials this week also reiterated this hawkish stance, with policymakers citing concerns about tough inflation.
Attention now turns to the release of PMI data, weekly unemployment data and, more importantly, manufacturing and services PMI data for February, to gauge the economy's underlying strength.
GBP/USD traded 0.5% higher at 1.2701, with UK PMI data expected to show strong expansion in the country's dominant services sector.
Note
GBPUSD SELL 1.2660-1.2670TP1: 1.2630
TP2: 1.2600
SL 1.2720
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.