Pound Sterling has been making headlines by surpassing the 1.2400 mark against the US Dollar this past Friday. The climb comes as the dollar braces itself for its biggest losses in nearly two months. This downturn for the USD is marked by the US Dollar Index slipping to approximately 107.60—a level scarcely seen in over a month. The fall is primarily due to President Donald Trump’s strong hints at the World Economic Forum (WEF) on Thursday that the Federal Reserve should cut interest rates immediately.
On this note, Friday saw the GBP/USD pair extending its upward trend for the second consecutive day, holding around the 1.2400 level during Asian market hours. Much of this momentum is attributed to Trump’s previous day’s remarks, which urged the Fed to take action on interest rates sooner rather than later.
Meanwhile, on Thursday, the GBP/USD lingered around the 1.3550 level. Despite a relatively quiet economic calendar failing to provide new triggers for the market, traders showed little inclination to shift the pair in any notable direction. President Trump’s comments regained center stage, dominating trader discussions, but a substantial market impact was absent as he seemingly grappled with setting a focused objective.
