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Nikita Kapoore•26 October 2022

USD cools, opening up gains for GBP and Euro

2 min read

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Daily Forex Report 26-Oct-2022: USD cools, opening up gains for GBP and Euro

G10 set to benefit from softer-than-expected economic data out of the States

The US dollar has cooled off over the past 24 hours, primarily driven by soft economic data.

US house prices, for instance, rose 11.9%- the least since December 2020.

Manufacturing data also came in cooler than expected, as did consumer confidence figures.

A cooler dollar means the possibility of looser fiscal policy emerging from the Federal Reserve next Tuesday.

It’s good news for the rest of the G10 set too.

The pound is at its strongest position in three weeks, with the GBP/USD pair changing hands at US$1.146.

Softer US economic data led to a spike in the GBP/USD pair – Source: capital.com

The euro also spiked to three-week highs of US$0.997, raising hopes of a material return to parity.

Both the Australian and Canadian dollars gained on USD too, while the USD/JPY pair fell below the 148 yen price point.

The euro fell back against the pound by nearly 100 pips from yesterday’s high of 87.5p, though has managed to correct itself around the 86.9p price point.

Volatility is expected for the EUR/GBP pair during today’s session.

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