The Pound Sterling (GBP) holds onto gains near a fresh three-year high around 1.3770 against the US Dollar (USD) during European trading hours on Friday. The GBP/USD pair clings to gains as the US Dollar struggles to gain ground due to a sharp deterioration in its safe-haven demand, following tensions between United States (US) President Donald Trump and Federal Reserve (Fed) Chair Jerome Powell over the monetary policy status.
At the time of writing, the US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, struggles to hold the fresh three-and-a-half-year low around 97.00 posted on Thursday.
US President Trump has called Fed's Chair Powell "terrible" for not lowering interest rates, and senior officials have confirmed that the President will find his successor as early as this summer, Wall Street Journal (WSJ) reported on early Thursday.
The replacement of Fed's Powell, who prioritized fundamental risks over Trump's economic agenda, has forced traders to reassess the US Dollar's exceptionalism.
Source: FXStreet
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