The British pound briefly jumped 0.5% to $1.3356 after reports suggested that President Trump would announce a US-UK trade deal later on Thursday.
The pound initially rallied on the news, which followed a social media tease from Trump hinting at a "major trade deal," later linked to the UK. The move also reflected broader dollar weakness, which has dominated currency markets since Trump's April 2 tariff wave sparked concerns over a potential US recession and persistent inflation. Meanwhile, the Sterling gave up gains to change hands at $1.327 as investors are now focused on the Bank of England's upcoming interest rate decision.
A 25 basis point cut is widely expected, but markets will be watching closely for any guidance on further easing in the months ahead—especially in light of optimism surrounding the trade agreement with the US.
Source: Trading Economics
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