- The British Pound to US Dollar exchange rate increases by 0.55% as investors divest from the USD due to ambiguous trade relations.
- China is requesting a complete reversal of tariffs; US representatives are resisting a settlement.
- The Dollar Index decreases to 99.45 as Federal Reserve policymakers adopt a wary, statistics-reliant stance.
The Pound Sterling strengthened somewhat against the US Dollar on Thursday as market players became less optimistic regarding the potential for easing tensions in the US-China trade dispute. Beijing is urging Washington to remove levies and has refuted discussions. Currently, the GBP/USD is trading above 1.3300, showing a 0.55% increase.
GBP/USD rises past 1.3300 as the tariff impasse impacts market confidence and broadly weakens the US Dollar
Market movement is still largely dictated by the US Dollar, which fell 0.32% as shown by the US Dollar Index (DXY), reflecting the dollar’s performance against a group of other currencies. The DXY is currently at 99.45, after reaching a daily high of 99.84.
On Thursday, a spokesperson for China’s Commerce Ministry stated that the US should eliminate all tariffs on Chinese goods “if it genuinely desires to resolve the issue.”
