The Pound Sterling (GBP) ticks up to near 1.3600 against the US Dollar (USD) during the European trading session on Thursday. The GBP/USD pair edges higher as the US Dollar (USD) struggles to hold over a week-long recovery move amid uncertainty surrounding trade discussions between the United States (US) and its trading partners.
At the time of writing, the US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, falls slightly to near 97.40.
So far, the US has announced trade agreements with the United Kingdom (UK) and Vietnam, and a limited deal with China. US President Donald Trump has expressed confidence in a trade deal with India, but has not confirmed it yet. Meanwhile, the US has announced new reciprocal tariff rates for 21 nations, notably Japan and South Korea, which are two important trading partners.
Investors await fresh developments about trade negotiations between the US and other leading trading partners, such as the Eurozone, China, Canada and Mexico. The scenario of the US not reaching deals with these nations by the reciprocal tariff deadline of August 1 will accelerate global trade worries, which will be unfavorable for the US Dollar.
US President Trump has also announced August 1 as the day when proposed 50% tariffs on copper imports will take effect, as stated in a post on Truth Social, while highlighting its scope in various industries.
Source: Fxstreet
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