GBP/USD breaks above 1.26 as the US dollar tumbles

GBP/USD breaks above 1.26 as the US dollar tumbles

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GBP/USD breaks above 1.26 as the US dollar tumbles

The pound versus the US dollar is trading close to the best levels since mid-March after a string of downbeat and grim US economic data.

US personal spending recorded its largest drop on record in March and US employment data showed an increase in jobless claims of 3.8 million in one week. There are increasing concerns about the impact of the COVID-19 shutdown in the US. The US Federal Reserve has voiced concern that the coronavirus crisis could leave permanent scars on the US economy.

The pound has also strengthened against other majors as the UK cautiously eyes the easing of its own lockdown strategy.

 

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