Pound Sterling Price News and Forecast: GBP/USD appreciated as US President Trump urged the Fed to cut rates

FXStreet Team FXStreet

GBP/USD rises to near 1.2400 as Trump asks Fed for rate cuts

GBP/USD extends its gains for the second successive day, trading around 1.2400 during the Asian hours on Friday. The pair’s upside could be attributed to the remarks from US President Donald Trump on late Thursday.

President Trump said he wants the US Federal Reserve (Fed) to cut interest rates immediately. "With oil prices going down, I'll demand that interest rates drop immediately, and likewise they should be dropping all over the world," said Trump at the World Economic Forum in Davos, Switzerland. Read more...

GBP/USD churns near familiar levels ahead of Friday’s PMI data

GBP/USD coiled near the 1.3550 level on Thursday as Cable traders functionally ignored a thin economic calendar and a lack of meaningful information to push the pair decisively in either direction. Headlines from US President Donald Trump ruled the roost on most traders’ newsfeeds, but the broader market impact remains limited as Trump struggles to pick an overall objective.

President Donald Trump lashed out about a wide variety of topics during his appearance at the WEF’s annual gathering in Switzerland, colloquially referred to as Davos, the city that hosts the forum every year. President Trump reminded everyone listening that he intended to “obliterate” the US budget deficit, while somehow convincing the US Congress to pass “the largest tax cut in American history” at the same time. Donald Trump also vowed to attempt to subvert the operational independence of the US Federal Reserve (Fed) by demanding lower interest rates. Read more...

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