- In early Tuesday trading in Asia, GBP/USD edges lower, trading near the 1.3425 level.
- A more positive outlook regarding trade disputes is bolstering the US dollar, presenting a challenge for the currency pair.
- Market participants are preparing for a speech from the BoE’s Dave Ramsden later today.
GBP/USD is experiencing some selling pressure, hovering around 1.3425 in early Asian trading on Tuesday, influenced by a slight recovery in the US Dollar (USD). Market participants are looking ahead to a speech by Bank of England (BoE) official Dave Ramsden for further direction.
The US Dollar is gaining ground against the British Pound Sterling (GBP) as concerns about trade conflicts diminish. China’s decision on Friday to waive tariffs of 125% on certain US goods has increased optimism that the trade dispute between the US and China may be resolving, despite China dismissing US President Donald Trump’s claim that trade negotiations were currently in progress.
US Agriculture Secretary Brooke Rollins indicated on Sunday that the Trump administration is in frequent communication with China regarding tariffs. Rollins added that discussions between the two countries are ongoing and that trade agreements with other countries are “very close.”
