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Forex

Pound Strengthens as Gulf Attacks Boost Dollar and Oil

724FinanceOzan Demirci
Pound Strengthens as Gulf Attacks Boost Dollar and Oil

The surge in tensions in the Middle East and rising oil prices have strengthened expectations that the Fed will maintain its tough stance for a longer period. This situation has broadly supported the dollar. The pound rose slightly on Thursday, as did the euro. As of 14:57, GBP/USD rose to 1.3390. The increase was 0.03%. EUR/USD also rose to 1.1429. The increase was 0.11%.

Oil Prices and Dollar

The dollar received support throughout the night. US forces struck infrastructure targets in northern Iraq. This was the first attack since early April. Brent oil briefly exceeded $80/barrel.
  • ■Oil Prices: Rising energy prices will provide fuel for the Fed hawks.
  • ■Dollar Support: The dollar will continue to be supported in declines. This will be the case, especially against low-yielding currencies.

    • Central Banks and Interest Rate Decisions

    The FOMC minutes released on Wednesday revealed an important point. Fed officials see delayed interest rate cuts and urgent interest rate hikes as equally credible scenarios. This reflects President Kevin Warsh's more ambiguous communication approach.
  • ■Interest Rate Decisions: Markets are now focused on New York Fed President John Williams. The dovish Williams will speak on Thursday.
    • Markets are highly sensitive to this situation, and any misstep can cause significant fluctuations in the economy. The strengthening of the dollar and the rise in oil prices may affect the Fed's interest rate decisions.
    Ozan Demirci

    Financial Analyst: Ozan Demirci

    Global Currencies and Trade Wars Commentator. International FX expert analyzing global liquidity from JPY interventions to CNY devaluations.

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