The Pound lost balance. Overview for 22.02.2022

GBPUSD is falling attacked by the “greenback”

The British Pound is falling against the USD on Tuesday. The current quote for the instrument is 1.3580.

Revival of the global demand for the “greenback” as a “safe haven” asset makes the Pound retreat. 

The statistics published yesterday showed that the Rightmove HPI added 2.3% m/m in December after expanding by 0.3% the month before. This growth may be caused by the removal of social restrictions in the United Kingdom at that moment.  Prospects of getting back to normal life didn’t seem so vague in December. 

The Manufacturing PMI remained unchanged in February at 57.3 points, the same as the month before. Considering that the same indicator in the Euro Area is rather unsteady, the British manufacturing enterprises are looking more confident. Most likely, the domestic demand made the difference. The Services PMI skyrocketed to 60.8 points in February after being 54.1 points in January. The tertiary industry is more sensitive to the revival of buyer interest. 

In the nearest future, the Pound behaviour will directly depend on the “greenback” and investors’ interest in “safe haven” assets.