The Bank of England’s newly announced outlook was far less gloomy than previous reports, which helped the Pound Sterling hit a fresh 5-month peak against the US Dollar.
Yesterday, the oil markets continued rallying, hitting a 5-month high, after the markets learned that there was a drop in crude inventories.
The Pound Sterling inched higher against its US counterpart after the relief package for the US Coronavirus pandemic stalled in the US Congress, which sent US bond yields lower.
The Eurozone Markit PMI Composite for July was recently released, which stood at 54.9 after being at 54.8 in June, signaling an expansion, and slightly above the analysts’ expectations who foresaw that the composite PMI would remain unchanged.
The Pound Sterling earlier made headway against the US Dollar, but analysts say that any further gains are being capped as concerns over the upcoming Bank of England meeting as well as another round of infections from Covid-19.
Shares of Apple stock (AAPL) closed up 4.6 percent on Thursday after the company announced a 4 to 1 stock split at the end of August which will allow investors to purchase shares of the tech giant for near $100 per share.