Forex
GBP Surges Against USD Amid Middle East Conflict
The British Pound (GBP) has strengthened against the US Dollar (USD), rising by 0.15% to 1.3560 in the North American session on Wednesday.
This move comes despite West Texas Intermediate (WTI) crude oil prices surging above $96, a 2% increase that would typically support the USD.
However, the positive correlation between WTI and the USD has broken, with the Dollar weakening in response to the ongoing conflict in the Middle East.
The US Federal Reserve is expected to hike interest rates at its September 15-16 meeting, with odds standing at 63% for a quarter-point rate increase.