GBP/USD at three-month high, EUR/USD at almost two-year pinnacle
The Pound hit a more than three-month high against the US Dollar on Thursday, hitting interbank levels of 1.3027. The shift marks the highest level for Cable since 10th March. Overnight, the Euro hit its highest levels versus the Greenback since September 2018, reaching a pinnacle of 1.1806. The move came as risk-on mode swept the market and follows a period of Dollar weakness. On Wednesday, against a host of other currency majors, the US Dollar hit its weakest level since May 2018. Further Dollar softness may continue if risk-on mode remains prevalent, and US data continues to disappoint. Today’s US Gross Domestic Product Growth stats have shown the second quarter suffered a -32.9% contraction, slightly improved from the -34.5% forecast, but the largest decline since records began in the 1940s.