GBP jumps to near 1.2850 against the US Dollar
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Pound Sterling outperforms US Dollar as investors reassess impact of Trump tariffs The Pound Sterling (GBP) jumps to near 1.2850 against the US Dollar (USD) in European trading hours on Wednesday, the highest level seen since November 12. The GBP/USD pair extends its winning streak for the third trading day due to continuous underperformance from the US Dollar. The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, slumps to near 105.00. The US Dollar weakens as it loses its risk premium stemming from US President Trump’s tariff agenda. On Tuesday, 25% tariffs on Canada and Mexico, and an additional 10% on China came into effect for pouring drugs into the US economy. Read more… GBP/USD Forecast: Pound Sterling could extend uptrend while 1.2800 support holds GBP/USD preserves its bullish momentum and trades at its highest level since November 12 near 1.2850 on Wednesday. Investors await February ADP Employment Change and ISM Services PMI data from the US. The US Dollar started the week under pressure and continued to weaken against its rivals on Tuesday. In addition to growing concerns over a recession in the US, news of US President Donald Trump possibly rolling back tariffs on Canadian and Mexican imports weighed heavily on the USD. Read more… Source: https://www.fxstreet.com/news/pound-sterling-price-news-and-forecast-gbp-jumps-to-near-12850-against-the-us-dollar-202503051204
Filed under: News - @ March 5, 2025 12:25 pm