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On July 5, European Central Bank board member Makhlouf said that if the euro wants to quickly replace the dollar as the pillar of the global financial system, countries still have a long way to go, because there are still many gaps in financial and economic integration among European countries. Makhlouf said that the dominance of the dollar will weaken in the long run, but Europe currently lacks a single fiscal asset that is as stable as U.S. Treasuries and can compete with it. "Frankly speaking, Europes economic system is not yet fully formed," Makhlouf said, adding that changes in currency exchange rates in recent months are more due to investors concerns about the rule of law in the United States. Makhlouf said: "It would be a bit of an exaggeration to say that this will suddenly push the euro to replace the dollar, because the euro does not currently have such capabilities."ECB board member Makhlouf: Euro is not ready to challenge dollars status as global reserve currency.Russian Embassy: The Russian trade mission to Sweden has come under attack again, with a drone dropping paint on its premises.Turkish President Erdogan: We believe that the ceasefire between Iran and Israel has opened a door to Gaza, and Hamas has also demonstrated its sincerity many times.On July 5, the press office of the Russian Federal Investigative Committee said that a year ago, a Russian Il-76 transport plane carrying Ukrainian prisoners of war crashed. It was found that the person who ordered the destruction was Nikolay Jarman, commander of the Ukrainian missile brigade. The department said that it has announced an international wanted notice for him.

GBP/USD Consolidates at 1.2560 as Investors Await PMI Numbers, Fed’s Powell Eyed

Daniel Rogers

May 24, 2022 09:49

In the early Tokyo session, the GBP/USD pair is trading in a tight range of 1.2560-1.2593 as investors anticipate the publication of UK and US Purchase Managers Index (PMI) statistics. In recent trading sessions, the cable has maintained its resilience amid a comeback in the risk-on impulse, which has strengthened risk-sensitive currencies and decreased the safe-appeal. haven's

 

The US dollar index (DXY) is behaving a bit steadier on Tuesday following a carnage Monday. On an encouraging market tone, the DXY dropped strongly to near 102.00. Investors are now waiting for the S&P Composite PMI figures, which are expected to be released shortly. Compared to the previous reading of 56, the Composite PMI has dipped to 55.5. The Manufacturing and Services PMIs are predicted to come in at 57.9 and 55.4, respectively, compared to the prior readings of 59.2 and 55.6.

 

Apart from the US PMI statistics, the speech by Federal Reserve (Fed) head Jerome Powell will stay in focus. In light of Fed Powell's comments on the Fed's probable monetary policy action, investors will be better equipped to make informed judgments on the cable. Because of the urgency of containing rapidly rising inflation, Powell's tone is likely to stay hawkish.

 

On the UK front, S&P Global/CIPS Manufacturing and Services PMI are seen at 55.1 and 57.3, lower than the previously published values of 55.8 and 58.9 respectively.

GBP/USD

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