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9th October

Top Currency Pairs Monday 9th October 04:00 UTC GBP/USD: 1.21992 (Last Week: 1.21905) EUR/USD: 1.05523 (Last Week: 1.05693) GBP/EUR: 1.15602 (Last Week: 1.15338) Market News

Pound Sterling Risk aversion fuelled a flight to safety as investors responded to the events in the Middle East, thus weighing on the British Pound. Moreover, the recent surge in crude oil prices added to the negative market mood as surging oil prices may offset the BoE’s efforts to tame inflation. Looking forward, there are no UK economic indicators for investors to consider, therefore GBP direction throughout the day will likely hinge on news updates on the conflict in the Middle East.

Euro The Euro fell further this morning with the single currency hit hard by the weakened risk sentiment in the wake of escalating geopolitical tensions in the Middle East. Moreover, as oil prices have jumped sharply in response, this has had a negative impact on the single currency given Germany, the eurozone’s dominant economy, has a high exposure to energy costs. Ultimately, these events have further dampened the outlook for the Euro.

U.S. Dollar The safe-haven U.S. Dollar gained in early European trade this morning as the escalation of the conflict in the Middle East hit risk sentiment, following on from last week’s strong payrolls report. On that note, the greenback had benefited late last week by the release of stronger than expected payrolls data, with Friday’s release showing U.S. employment increased by the most in eight months in September.

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