GBP/USD strengthens to around 1.3555 in early Europe as the dollar softens after Treasury’s ~$6B longer-term buyback. Markets eye US PPI later.
Sterling gained against the US Dollar in Thursday’s early European session as a softer Greenback followed the Treasury’s enlarged longer-term buyback.
GBP/USD gathers strength to around 1.3555 in Thursday’s early European session, bolstered by a weaker US Dollar.
The Greenback attracts some sellers after the Treasury Department said it will buy back up to $6 billion of government debt — an announcement that triples the normal buyback operation and follows Bessent’s August 19 statement that the department would at least double the normal amount for already-issued securities. Soft prior Treasury enlarged buyback.
Markets might turn cautious later ahead of the US Producer Price Index. Economists expect headline PPI inflation to rise 5.3% YoY in August from 4.7% in July; core PPI is projected to increase to 4.6% YoY from 4.2%.
Also see: EUR/USD Holds Above 1.1630, Rallies Capped Below Wednesday Highs Ahead of ECB.
Also see: GBP/USD Under Pressure Near 1.3525 as Hot PPI Puts Fed Hike in Play.
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