GBP/USD remains depressed near two-week low, around 1.3535 area post-UK PMIs By HareshMenghani GBPUSD Politics Fed PMI Currencies
UK political crisis, dismal UK PMIs continued weighing on the British pound.remained depressed through the early part of the European session and was last seen trading near a two-week low, around the 1.3535 region post-UK PMIs.
Growing demands for Prime Minister Boris Johnson's resignation over a series of lockdown parties in Downing Street continued undermining the British pound. Apart from this, the emergence of some US dollar buying further contributed to the offered tone surrounding the GBP/USD pair. That said, increasing bets for additional rate hikes by the Bank of England held back traders from placing aggressive bearish bets around sterling. On the other hand, a fresh leg down in the US Treasury bond yields capped the USD gains and helped limit losses for the GBP/USD pair.
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