Pound Sterling rises against USD after Trump's Treasury Secretary nomination
The Pound Sterling (GBP) opens strongly against the US Dollar (USD) on Monday, trying to extend its recovery above the round-level resistance of 1.2600. The GBP/USD gains as the US Dollar starts the week on a negative note, with the US Dollar Index (DXY) trading 0.5% down near 107.00.
10-year US Treasury yields plummet to near 4.33% as investors digest President-elect Donald Trump picking Scott Bessent as Treasury Secretary to oversee economic and tax policies. Contrary to market reaction, some analysts seem to be satisfied with the appointment: “There was some level of anxiety priced in that Trump was going to pick someone who was not good or some kind of absolute tariff fanatic, so this is a very good answer for Wall Street,” analysts at Tallbacken Capital Advisors said. Read more...
GBP/USD Forecast: Pound Sterling remains fragile as key resistance remains intact
GBP/USD gathered bullish momentum at the weekly opening and climbed above 1.2600. After failing to stabilize above this level, however, the pair lost its traction and retreated to the 1.2550 area in the European morning.
News of Donald Trump selecting fund manager Scott Bessent as his nominee for the US Treasury Secretary caused US Treasury bond yields to decline sharply at the beginning of the week. Read more...
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