British Pound defies US yields surge as BoE hike bets build
The Pound Sterling registers modest gains of 0.18% even as US Treasury yields soar, with the US 10-year T-note rising over 10 basis points, underpinning the Greenback. The GBP/USD trades at 1.3252.
The British Pound experienced a modest 0.18% increase despite US Treasury yields surging, with the US 10-year T-note climbing over 10 basis points. The GBP/USD currently trades at 1.3252. Throughout the week, the pair peaked at 1.3275, but as hopes for US-Iran peace diminished and oil prices rose, the US Dollar is regaining strength, as evidenced by the US Dollar Index (DXY), which has risen 0.15% to 101.18, nearing a three-day high.
WTI, the US crude benchmark, has surged more than 3% to $95.41 per barrel. President Donald Trump's decision not to accept Iran's proposal to reopen the Strait of Hormuz and end the Middle East conflict has further driven oil prices higher. US bond yields are also experiencing movement, with the 10-year benchmark note surging to a high of 5.261%, indicating confidence in the Federal Reserve's continued tightening cycle.
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