GBP/USD extended recent bullish momentum on Thursday, gaining over two-thirds of one percent on the day and climbing above key technical indicators as market rebalance both a weaker US Dollar (USD) and a stronger Pound Sterling (GBP).
A new Federal Reserve (Fed) Board of Governors member selected by Donald Trump is bringing protectionist policy home to the Fed, and a rate cut barely squeezed through the Bank of England's (BoE) Monetary Policy Committee (MPC), trimming expectations of follow-up rate cuts.
United States (US) President Donald Trump has selected Stephen Miran, the current Chair of the US Council of Economic Advisors, to replace recently resigned Federal Reserve (Fed) Board of Governors (BoG) member Adriana Kugler.
Miran is a pro-protectionist who championed including trade deficits in tariff calculations and will likely be friendly to President Trump's rate cut expectations. Adding on that Trump is expected to favor Fed Board member Christopher Waller for the Fed Chair position when Jerome Powell's term ends in 2026, and the pool of Fed voters who will support arbitrarily dropping interest rates regardless of the state of the US economy will grow substantially.
Source: Fxstreet
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