GBP/USD strengthened for the second consecutive day on Tuesday (July 22nd), driven by a general weakening in the global US dollar market. The US dollar (USD) continued to suffer as investors grew concerned about US President Donald Trump's targeting of Federal Reserve Chairman Jerome Powell, and concerns about the Fed's weakening political autonomy have shaken the dollar's support.
President Trump continues to campaign for the removal of Fed Chairman Powell. Lacking the legal authority to directly intervene with Fed staff, the Trump administration is actively seeking to build arguments for any path to replacing the Fed leader. The Trump team is seeking a Fed nominee who would be more supportive of sharp interest rate cuts, even as inflationary pressures from tariffs continue to ease.
Wednesday was relatively quiet with little to no significant data releases, leaving headlines as the primary driver of market movements. Cable traders will be waiting until Thursday, when the Purchasing Managers' Indexes (PMIs) for the UK and US are expected to drop consecutively. The Manufacturing and Services PMI components are expected to be slightly higher on both sides of the Atlantic. (alg)
Source: FXstreet
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