Forex Short News 10-2-23

On February 10, financial journalists were expecting the UK Chancellor to deliver the news that the UK economy had shrunk. Instead, Mr. Hunt delivered a rather upbeat message indicating the UK economy was flatlining rather than shrinking.

It is not sweet music to all investors, but at least the news was better than expected. So, is now a good time to invest in GBP? It is not only the USD GBP rate that has seen ups and downs over the last year. Take a look at historic EUR USD and USD JPY rates and you will also notice numerous fluctuations since the global economy began opening up after Covid-19 restrictions ended.

At the moment. GBP is holding steady against the dollar at 1.21. This is still what markets like to call a depressed rate. But, that does not mean you should not invest in GBP. If the UK economy shows an upturn during the summer

Investing in any depressed currency, be it USD, EUR, JPY or Bitcoin is slightly risky. But a bounce back could bring welcome profits. Investing in the oil industry always carries an inherent risk. P

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