Sterling steadies at 1.3638 as geopolitical developments ease Middle East tensions, offsetting mixed US economic data.
The British Pound remains near a six-month high against the US Dollar, trading at 1.3638, as optimism over potential easing of Middle East tensions supports risk sentiment. Reports indicate Pakistan’s Army Chief proposed lifting a US Navy blockade in exchange for reopening the Strait of Hormuz, with Iran describing the talks as productive.
US economic data showed mixed signals, with July Building Permits rising 4.3% month-over-month to 1.433 million, surpassing June’s 1.374 million but below estimates. Meanwhile, the ADP Employment Change 4-week average improved to 11.75K from 9.5K, while Consumer Confidence missed forecasts at 89.4.
The US Dollar Index (DXY) held steady at 98.93, down 0.04%, as traders await Federal Reserve Chair remarks at Jackson Hole for further policy cues.