Forex
GBP Falls as Geopolitical Tensions Drive Investors to Safe-Haven Assets
The Pound Sterling (GBP) fell against the US Dollar (USD) on Thursday as investors sought safer assets amid escalating geopolitical tensions.
Rising concerns over oil prices and a Ukrainian strike on a Russian oil facility fueled demand for the 'Greenback', pushing the USD up by almost 0.4% to $1.3212 in GBP/USD trading.
The US Dollar maintained its gains even after the latest ISM manufacturing PMI report fell short of expectations, coming in at 54.5 in September compared to forecasts of 55.
The Pound (GBP) struggled to gain traction as a lack of significant UK economic releases offered little guidance for Sterling.