Pound Sterling (GBP) consolidates around 1.2300 against the US Dollar (USD) in Thursday's European session. The GBP/USD pair consolidates as investors await US President Donald Trump's concrete tariff plans to build fresh positions. The US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, oscillates in a tight range above 108.00.
Until now, Donald Trump has threatened to raise 25% tariffs on his neighbors Mexico and Canada and 10% on China, which could come into effect on February 1. He has also commented that he is considering imposing tariffs on Europe to fix trade imbalances but has not yet provided any explicit details. Before Trump's inauguration, market participants anticipated he would implement full-scale tariffs universally on his first day at the White House.
Investors should brace for a sideways trend in the US Dollar until Trump explicitly declares a tariff structure. Also, the Federal Reserve's (Fed) monetary policy decision on Wednesday is unlikely to stem volatility in the US Dollar, as the central bank is certain to keep interest rates steady in the range of 4.25%- 4.50%, according to the CME FedWatch tool. However, market participants will pay close attention to the Fed's monetary policy guidance.(Cay) newsmaker23
Source: Fxstreet
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