Pound rises from three-week low

Pound rises from three-week low

The British pound saw gains against many major currencies on Wednesday in the European session and recorded its first daily gain against the US dollar as it recovered from a three-week low recorded yesterday, as the US dollar weakened against most currencies. 

From the three-week high due to the correction and profit taking. The British economy is scheduled to announce later today significant data for the performance of the service sector during September that will provide further evidence on the health of the economy During the third quarter of this year.

At 7:40 GMT, the British pound gained 0.2% against the US dollar to trade at $ 1.3003 from today's opening at $ 1.2976. The pair recorded a high of $ 1.3010 and a low of $ 1.2969.

Over the course of yesterday's trading, the pound recorded losses against the US dollar by 0.5%, for the fifth day in a row and also recorded a three-week low of 1.2940 dollars, the losses came in light of the wide US dollar against the majority of major currencies and recorded the highest level in three weeks.

Negative pressure remains on the pound, as negative speculation over Britain's negotiations with the European Union over the issue of exit is increasing, especially as the EU summit is due to be held this month.

The British economy is expected to release key data on the performance of the service sector in September, which will provide further evidence on the health of the economy during the third quarter of this year.

The data is in the Sector Purchasing Managers' Index, with expectations of a reading of 54.0 points and a reading of 54.3 points in August.

The US dollar is correcting from a three-week high

The US dollar fell against a basket of major currencies on Wednesday, following correction and profit taking after hitting a three-week high.

As of 4:30 GMT, the dollar index, which measures the performance of the six major currencies, fell 0.2% to trade at 94.98 points.

Federal Reserve Chairman Jerome Powell said Tuesday in Boston that he was confident that the low unemployment rate would not force the Fed to raise interest rates.

The increase in wages is generally consistent with the rates of inflation and labor productivity growth, Powell said, adding that high wage growth alone should not be inflationary.

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