Home›Forex›Major Pairs›Pound steadies near six-month high as Middle East hope…

Pound steadies near six-month high as Middle East hopes support risk appetite

GBP/USD was around 1.3638, while the US Dollar Index held near 98.93 as investors looked ahead to major US data and a Fed Chair speech.

Reported · Written up by our desk · Major Pairs

The British pound traded near a six-month high on Tuesday, with GBP/USD consolidating around 1.3638 after improving Middle East sentiment boosted broader risk appetite, according to FXStreet.

FXStreet cited reports that the Pakistani Army Chief traveled to Iran to propose lifting the US Navy blockade in exchange for reopening the Strait of Hormuz and halting attacks from proxy allies, with an Iranian official describing the visit as fruitful.

Meanwhile, the US Dollar Index was steady at 98.93, showing minimal losses of 0.04%, while US data included Building Permits that rose 4.3% month over month to 1.433 million after contracting in June.

FXStreet also pointed to an ADP Employment Change four-week average of 11.75K, a Consumer Confidence reading of 89.4 versus 90.2 expected, and a hawkish tone from Boston Fed President Susan Collins, as markets awaited a packed US economic docket and a speech by Fed Chair Kevin Warsh at Jackson Hole.

Latest closeGBP/USD 1.354 ▲0.3%|Dollar index 99.64 ▼0.3%

More like this

Sources