Pound Sterling edges lower against US Dollar amid easing US-China tensions
The Pound Sterling (GBP) ticks down around 1.3415 against the US Dollar (USD) during the European trading session on Monday. The GBP/USD pair edges lower as the US Dollar (USD) stabilizes on easing trade frictions between the United States (US) and China.
During the press time, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, trades almost flat around 98.55. However, the US Dollar holds Friday’s recovery move, which came following comments from US President Donald Trump that an additional 100% tariffs on imports from China won’t be sustainable.
Over the weekend, US President Trump said in an interview with Fox Business that high tariffs were “not sustainable though it could stand”. He further expressed that Washington intends a good relationship with China, and is set to meet Chinese leader Xi Jinping later this month at the Asia-Pacific Economic Cooperation meeting in South Korea. “I think we’re going to be fine with China, but we have to have a fair deal. It’s got to be fair,” Trump said, Bloomberg reported.
Before the Trump-Xi meeting later this month, investors will focus on the meeting between US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng, scheduled later this week in Malaysia. Negotiators from both nations are expected to discuss export controls announced by Beijing on rare earth minerals, which prompted trade frictions.
Source: Fxstreet
