October 2, 2024 – Written by Frank Davies
STORY LINK Fed’s Powell Triggers Dollar Rebound, Pound US Dollar Rate Held Below 31-Month Best
The Pound to Dollar (GBP/USD) exchange rate was unable to hold above the 1.3400 level on Monday and retreated to 1.3330 on Tuesday as Federal Reserve Chair Powell pushed back against market expectations.
Markets are also continuing to monitor Middle East developments given the potential for defensive dollar demand if fighting escalates.