Ahead of the release of a batch of important and influential British and US economic data, the GBPUSD exchange rate deepened in a downtrend for nearly a year.
This price action helped lift the US dollar index to its highest level since shortly after the turn of the new millennium before the global market tide turned in favor of the pound late in the European session on Friday, in the process of raising the pound to dollar price again above 1.22 before the weekend.
China's shutdown of Shanghai in April has been a significant source of market risk aversion for the past six weeks because the city is home to the country's largest seaport, which is also the world's most important due to its importance in international supply chains and the manufacture of goods.
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