The Pound Sterling (GBP) trades in a tight range around 1.3300 against the US Dollar (USD) during the European trading session on Wednesday. The GBP/USD pair tracks a rangebound US Dollar as investors await the announcement of Federal Reserve (Fed) Governor Adriana Kugler's replacement, which should happen sometime this week after she announced her resignation on Friday.
At the time of writing, the US Dollar index (DXY), which tracks the Greenback's value against six major currencies, wobbles around 98.80.
On Tuesday, US President Donald Trump said to reporters that he will announce Fed Kugler's replacement by the end of the week. Market experts believe that the entry of Trump's candidate into the Federal Open Market Committee (FOMC) would be unfavorable for the Fed's independence as its decisions could be biased toward Trump's economic agenda.
"Kugler's resignation allows the president to further shape the FOMC (Federal Open Market Committee) in his own image," analysts at Harris Financial Group said, Reuters reports.
Meanwhile, US President Trump confirmed in an interview with CNBC on Tuesday that Treasury Secretary Scott Bessent won't be the successor of Fed Chair Jerome Powell and that he has narrowed the list of potential candidates to four, including White House economic adviser Kevin Hassett and former Fed Governor Kevin Warsh. "We're also looking at the Fed chair, and that's down to four people right now, two Kevins and two other people," Trump said.
Source: FXstreet
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