The Pound Sterling (GBP) bounces back to near 1.2930 against the US Dollar (USD) in Monday's European session after hitting a one-month low of 1.2830 earlier in the day.
The GBP/USD pair attracts bids as the US Dollar faces pressure due to the imposition of reciprocal tariffs by United States (US) President Donald Trump on Wednesday. The US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, declines to near 102.40.
Financial market participants have become increasingly concerned over the US economic outlook as Federal Reserve (Fed) Chair Jerome Powell stated on Friday that larger-than-expected tariffs announced by the President could lead to a resurgence in inflation and slower economic growth.
"We face a highly uncertain outlook with elevated risks of both higher unemployment and higher inflation," Powell said in his prepared remarks at the annual conference for the Society for Advancing Business Editing and Writing.
When asked about the impact of Trump's tariffs on the monetary policy outlook, Powell continued with the "wait and see" approach and said, "The Fed is well-positioned to wait for greater clarity before considering policy adjustments."
Source: FXStreet
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