The Pound Sterling (GBP) drops to near 1.3600 against the US Dollar (USD) during European trading hours on Monday. The GBP/USD pair declines as the US Dollar trades calmly, with investors awaiting trade-related headlines in the countdown to the United States (US) tariff deadline on July 9.
The US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, trades 0.35% higher at near 97.35.
US Treasury Secretary Scott Bessent expressed confidence in an interview with CNN over the weekend that Washington will announce several deals in a couple of days, New York Times reported. "There's a lot of foot dragging on the other side, and so I would expect to see several big announcements over the next couple of days," Mr. Bessent said. "We're going to be very busy over the next 72 hours," he added.
So far, Washington has announced bilateral agreements with the United Kingdom (UK) and Vietnam and a limited trade pact with China. On July 2, the US expressed confidence that it would close a deal with India in 48 hours, but such an agreement has not been confirmed yet.
Meanwhile, investors should brace for volatility as the US is prepared to send letters to those nations that have not signed a deal with Washington during the 90-day tariff extension.
Over the weekend, Trump said the first batch of letters outlining the tariff levels they would face on exports to the United States would be sent to 12 countries on Monday, Reuters reported.
Source: Fxstreet
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