Pound US Dollar (GBP/USD) Exchange Rate Remains Low amid Souring Market Mood
The Pound US Dollar (GBP/USD) exchange rate has been unable to recover over today’s session, despite a modest rebound.
The souring market mood is bringing safe-haven flows to the ‘Greenback’, which leaves the increasingly risk-on Sterling unable to gain ground back.
The continued perception that the UK economy is edging closer to recession is adding further pressure to GBP. The morning’s confirmation of a contraction in the service sector stoked recession anxieties amongst investors.
At the time of writing, GBP/USD is trading at around US$1.2568, a fall of just over 0.4% from the morning’s opening rates.