Pound Gains Against Dollar

London: 4 October 2023 (TraderMade) The retreat in the US Dollars and a survey showing a positive sign for British businesses caused a substantial hike in the GBP. This was for the first time this week.

Reasons causing this shift

A survey showed that the UK business activities are less depressed than feared in September. Similarly, the BoE kept the interest rates unchanged on 20 September.

Another influencing factor is the S&P Global Services UK Purchasing Managers' Index (PMI). It fell to 49.3 in September from 49.5 in August. Thus, it is further declining from the threshold of 50 for growth.

The Changes this week

GBPUSD was trading at 1.2200 on 30 September,dropped to 1.2078 on 3 October, and picked up to 1.2130 on 4 October 2023.

Stay tuned by obtaining live GBPUSD updates from TraderMade for informed decisions.