The Pound Sterling (GBP) recoups initial losses against the US Dollar (USD) during European trading hours on Wednesday after correcting to near 1.3460 earlier in the day.
The GBP/USD pair bounces back as the US Dollar (USD) gives up initial gains despite firm hopes that the United States (US) and the European Union (EU) will reach a trade deal soon.
The US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, falls back to near 99.50 from the intraday high of 99.85.
On Tuesday, US President Donald Trump expressed confidence in a post on Truth.Social that the EU is increasing efforts to reach a bilateral trade deal. "I was extremely satisfied with the 50% Tariff allotment on the European Union, especially since they were ‘slow walking'. I have just been informed that the EU has called to quickly establish meeting dates. This is a positive event, and I hope that they will," Trump wrote.
Increasing optimism over the US-EU trade deal has helped the US Dollar claw back almost the losses seen on Friday, when US President Trump threatened to impose a flat 50% tariff on imports from the EU.
Another reason behind the recent strength in the US Dollar is the upbeat US Consumer Confidence data for May. The data, released on Tuesday, showed that Consumer Confidence increased substantially to 98.0 after deteriorating for five consecutive months. The commentary from the Conference Board showed that de-escalation in US-China trade tensions contributed significantly to lifting households' mood.
Source: FXStreet
GBP/USD rebounds from session lows and trades marginally higher on the day above 1.3550. The renewed selling pressure surrounding the USD following the inflation and Jobless Claims data help the pair ...
GBP/USD tested the 1.3550 area again for the fourth consecutive day on Wednesday, but has so far been unable to break higher. The market is likely to remain cautious ahead of the release of US consume...
The British pound (GBP) traded higher against other major currencies, except for the Antipodean currencies, on Wednesday. The British currency showed strength as market sentiment remained optimistic a...
The British pound (GBP) continued its strengthening against the US dollar (USD) for the third trading day on Tuesday. The GBP/USD pair reached a new three-week high around 1.3580 during the European t...
The pound was virtually unchanged on Monday (September 8th), after posting its biggest one-day rally against the dollar in two weeks on Friday, following surprisingly weak US jobs data that had reinfo...
EUR/USD remains steady during the North American session on Friday, poised to end the week with modest gains of over 0.18% as traders brace for the next week's monetary policy decision by the Federal Reserve (Fed). At the time of writing, the pair...
U.S. Treasury Secretary Scott Bessent met with BlackRock Inc executive Rick Rieder in New York on Friday, as the Trump administration continued its search for a new chair for the Federal Reserve, a source familiar with the matter said. Bessent has...
Oil prices rose on Friday after a Ukrainian drone attack suspended loadings from the largest port in western Russia, but gains were capped by concerns about U.S. demand. Brent crude futures settled at $66.99 a barrel, up 62 cents, or 0.93%. U.S....
The International Monetary Fund on Thursday said the Federal Reserve has scope to lower interest rates because of the weakening U.S. labor market,...
Annual inflation in the United States (US), as measured by changes in the Consumer Price Index (CPI), rose to 2.9% in August from 2.7% in July, the...
The University of Michigan (UoM) is expected to release the preliminary reading of its monthly Consumer Confidence Index for September on Friday....
Asia-Pacific markets traded higher, tracking Wall Street gains overnight.
Japan's benchmark Nikkei 225 rose 0.41% after hitting a fresh record high...