The Pound Sterling (GBP) extends its winning streak against the US Dollar (USD) for the fourth consecutive trading day on Thursday, refreshing an over three-year high at around 1.3725 at the time of writing.
The GBP/USD pair strengthens as the US Dollar faces a sharp selling pressure after United States (US) President Donald Trump reiterated attacks on Federal Reserve's (Fed) independence, following Chair Jerome Powell's commitment to a "wait and see" approach on interest rates in the two-day semi-annual testimony before Senate.
The US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, posts a fresh three-year low around 97.30.
Financial market participants have shown concerns about US President Trump interfering in the Fed's operations, which is an autonomous body. This has challenged the US Dollar's exceptionalism, potentially diminishing its appeal.
A report from the Wall Street Journal (WSJ) showed earlier in the day that President Trump could announce Fed Powell's contender this summer.
Trump also called Fed's Powell "terrible" while speaking with reporters on Wednesday and confirmed that he has three or four potential contenders in mind for his replacement.
"I know within three or four people who I'm going to pick," Trump said, Reuters reported. The report from the agency also stated that contenders would be former Fed Governor Kevin Warsh, National Economic Council head Kevin Hassett, current Fed Governor Christopher Waller, and Treasury Secretary Scott Bessent.
Source: FXStreet
Gold prices rose sharply again on Tuesday (January 20th), hitting a new record, breaking through the psychological barrier above $4,700 per ounce. This rise was driven by a "flight to safety" as geopo...
GBP/USD strengthened to around 1.3480 at the start of Friday's Asian session, holding above 1.3450. This strengthening occurred as the US dollar weakened again, as markets became increasingly confiden...
The GBP/USD exchange rate moved steadily around 1.3465 in early Asian trading on Wednesday (December 31). This relatively calm movement occurred because trading volume was expected to be thin ahead of...
The British Pound (GBP) softens against the US Dollar (USD) on Wednesday, with the Greenback finding mild support amid reduced liquidity during the shortened US holiday session. At the time of writing...
Pound Rebounds, UK Data Determines GBP/USD strengthened after three consecutive days of declines. In Monday's Asian session, the pair traded around 1.3394, approaching the 1.3400 level, ahead of the ...
Oil prices stabilized on Thursday (February 12th), as the market reassigned a risk premium to US-Iran tensions despite US inventory data showing swelling domestic supplies. This movement confirms one thing: geopolitical headlines are still more...
Gold prices weakened slightly on Thursday (February 12th), as more solid US employment data reduced market confidence in an imminent Federal Reserve interest rate cut. The strong employment data prompted market participants to shift expectations of...
The Hang Seng Index reversed its downward trend in Hong Kong on Thursday (February 12th), weakening by around 0.9% to around 27,000 after a strong session earlier. This decline halted the momentum of the short term rally, as investors began to...