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GBP/USD Surges to Highest Level Since May as US Treasury Buyback Weakens Dollar

Guavy AI Editorial Team
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EUR USD GBP
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The Pound Sterling (GBP) surged against the US Dollar (USD) on Wednesday as the US Treasury's buyback of longer-dated bonds weakened the greenback. The GBP/USD pair traded at 1.3610, reaching its highest level since May 11.

The US Treasury's move to offer liquidity support came a day after the US 30-year yield hit its highest level since 2007, causing traders to scale back bets on Federal Reserve interest rate hikes due to weak United States economic data for August.

This led to selling pressure on the US Dollar, allowing the Pound Sterling to climb. The British currency is up 0.2% against the USD during the European trading session.

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