Skip to main content

Copper the FTSE 100 and the Pound-check out the GBP/USD today

The Pound managed to make a move above 1.25 yesterday, as covered here at the time. The GBP/USD peaked just above 1.2525 before a later dollar rebound kicked it lower again. However, the drop back in the US currency into the close allowed the GBP/USD to recover from a low at 1.2458 and later close in the US at 1.2514. That positive daily close seems to have been driven by fresh demand based on equity market inflow to the UK by foreign investors. As noted, the M+A flow concerning the mining sector in the FTSE 100 is a key element here and that is also about demand for Copper. You see Copper is hot right now and it has risen above $10,000 per tonne for the first time since 2022 today. So, why is copper so hot you ask? Well, it is all about the demand for the metal due to the perceived need for vast amounts, as electrification overtakes that of fossil fuels in many sectors. That is after all why BHP is chasing Anglo American folks. Incidentally they have rejected the bid from BHP today and that has only served to push the FTSE 100 futures even higher this morning ahead of the opening. That in turn is keeping demand for the GBP/USD on the up it seems too. The GBP/USD is currently trading at 1.2512

Ready to Get Started?

Start here. Join 2.9M Libertex users around the world!