GBP/USD pressed into a new 13-month high on Tuesday.
Pound Sterling continues to rally on broad-market Greenback weakness.
Markets are tilting toward Thursday’s Jackson Hole Economic Symposium kickoff.
GBP/USD chalked in another third of a percent gain on Tuesday, squeezing out a fresh 13-month high and closing in the green for a third straight day as the Pound Sterling capitalizes on broad-market Greenback weakness. Market sentiment is holding on the high end ahead of key business activity survey results, and the upcoming kickoff of the Jackson Hole Economic Symposium.
Wednesday will give markets another opportunity to take a breather before high impact data gets underway in the back half of the trading week. UK Purchasing Managers Index (PMI) figures for August are expected to drift upwards slightly, with the UK Services PMI component forecast to tick up to 52.8 from 52.5. The Manufacturing section is expected to hold steady at 52.1.
US PMI business activity survey results are slated for release on Thursday, as well as the kickoff of the annual Jackson Hole Symposium which is set to run through the weekend. Wednesday will deliver the Federal Reserve’s (Fed) latest Meeting Minutes, but market forces will broadly be looking ahead to Thursday’s outings for reasons to move.
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