GBPUSD is retreating from its highest level in three years
Last Updated on February 18, 2021
GBPUSD fell in the morning of trading on Wednesday in the European market, retreating from its three-year high recorded yesterday, this comes with the activity of corrections and profit-taking, in addition to the recovery of the US dollar against most of the major currencies supported by the high yields of Treasury bonds. And the increased prospects for a rapid US economic recovery compared to its peers.
GBPUSD traded at $ 1.3861, down by 0.3%, from today’s session opening level at $ 1.3902, after yesterday hitting its highest level in three years at $ 1.3951, which is also more than 20% higher than its lowest level in In March of last year, against the euro, the pound sterling rose by 0.3% to trade at 86.84 pence, the highest since April 2020.
GBPUSD is rising after the UK makes progress in vaccines
The United Kingdom was the first country to approve a coronavirus vaccine made by Pfizer and Pinotech in December, and it was also one of the first countries to start a large-scale Coronavirus vaccination program.
The UK government said in a report on Monday that it had already provided vaccines to more than 15 million people. The early focus was on the elderly who are most vulnerable to the disease, and this means that the country will cover the total population in the next few months, which raises hopes for a rapid recovery of the British economy. One of the worst economic crisis the country has experienced in 300 years.
New information led to more investors returning to the British pound and stocks, and the FTSE 100 also rose more than 7% from its low this month.
The British economy unveiled inflation data during the month of January, where the CPI jumped by 0.7% at the best rate of rise since last October, which adds evidence that the Bank of England will not push interest rates into negative territory.
The US dollar is making gains with rising bond yields
The US dollar witnessed a rise against a basket of major currencies, supported by higher US Treasury yields, amid growing expectations for a rapid recovery in the US economy compared to its peers in addition to a possible acceleration in inflation rates.
The dollar index traded at 90.757 points, up by 0.3%, to rebound from its three-week low of 90.117 points, which it hit yesterday, Tuesday.
The 10-year US Treasury yields rose to the highest level in a year, rising to 1.333% from 1.20% at the end of last week.
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