Pound Holds Near Six-Month High Amid Easing Hormuz Tensions
The British Pound has maintained its position near a six-month high of 1.3675 as Middle East developments boost risk appetite, while investors await crucial US economic data and Federal Reserve Chair Kevin Warsh's speech at Jackson Hole.
The GBP/USD pair trades at 1.3638, largely unchanged from previous levels. Geopolitical tensions surrounding the Strait of Hormuz have eased slightly after Pakistani Army Chief Munir's visit to Iran, where he proposed lifting the US Navy blockade in exchange for reopening the strait and halting proxy attacks.
In related news, the US Dollar Index (DXY) has remained steady at 98.93, posting minimal losses of 0.04%. Meanwhile, US economic data showed a 4.3% month-over-month increase in Building Permits in July, exceeding June's contraction and surpassing estimates.