GBPUSD reverses course from an over 3-year high; Dollar gains support on safe haven demand
The British pound is erasing gains from an over a three-year high on Friday tracking a good rebound in the dollar overseas. Market sentiments turned sour following heightened geo-political tensions in the Middle East, providing some respite to the safe haven dollar to revive from a three year low. Investors were led to dollar amid heightened geo-political tensions in Middle East after media reported that Israel has launched unprecedented attack on Iran, targeting the heart of nations nuclear program and senior military leaders. The move plunges the Middle East into fresh uncertainty with the real risk of a wider regional war now breaking out. However, growing uncertainty over US trade policy after President Donald Trump threatened to impose unilateral tariffs and increasing bets of Federal rate cut following softer inflation data from US continues to add pressure on the greenback. The dollar index that measures the greenback against a basket of currencies is quoting at 97.90, up 0.45% on the day. GBPUSD pair was trading at $1.3553, down 0.37% on the day. However, on the NSE, GBPINR futures are up 0.30% at 116.63.
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