The Weekly Market Update
News & Insights
w/c 8th June: Rising Tensions
GBP
The GBP/USD pair recently eased to two-week lows around the 1.3320–1.3340 range. The Pound is facing renewed downside pressure following a stronger-than-expected US employment report. Ongoing tensions in the Middle East and rising bets of a US interest rate hike provide some support to the US Dollar against the British Pound.
EUR
The EUR/USD is currently trading near 1.1510 heavily pressured by stronger-than-expected US employment data and geopolitical tensions pushing capital toward the dollar. Persistent geopolitical flare-ups weigh on the pair, while reviving the haven demand for the US dollar.
USD
The US Dollar (USD) is currently experiencing renewed strength, driven by a resilient US labor market and escalating geopolitical tensions in the Middle East. Stronger-than-expected Nonfarm Payrolls (NFP) data has led markets to heavily price in potential Federal Reserve interest rate hikes rather than cuts, providing strong support for the greenback.
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