GBP/USD kicked off Thursday with an early spat of gains, fueled by the Bank of England (BoE) delivering the market a widely-anticipated quarter point rate cut. However, bullish momentum behind the Pound Sterling evaporated quickly as markets pivoted toward trade headlines from the United States (US). Investors are hoping for quick progress on the US making trade deals that will allow it to climb down from its own self-imposed tariff stance.
Market sentiment pinned firmly on the high side and bolstered the US Dollar (USD) after the Trump administration announced an impending trade deal between the US and the United Kingdom (UK) that will see the UK avoid steep "reciprocal" tariffs on an ongoing basis, which are due to come back into effect on July 9 after President Trump temporarily walked back imposing his own ‘Liberation Day' tariffs. A sweeping 10% tariff is still set to be imposed on all imports into the US from the UK, which could crimp market sentiment in the near future.
Key imports, such as refined ethanol, have been granted a full suspension of tariffs by the Trump administration. According to available data, the US has not imported any refined ethanol from the UK in at least 15 years.
Source: Fxstreet
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