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
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