Pound Sterling continues underperformance against US Dollar
Pound Sterling continues underperformance against US Dollar
The Pound Sterling (GBP) extends its losing streak against the US Dollar (USD) for the third trading day on Tuesday. The GBP/USD pair slides further to near 1.3370 as the US Dollar extends its recovery move amid growing expectations that the United States (US) and China will reach a trade deal soon.
During the press time, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, trades 0.25% higher to near 98.85.
On Monday, US President Donald Trump expressed confidence that China will make a deal with Washington after his meeting with Chinese leader Xi Jinping on the sidelines of the Asia Pacific Economic Cooperation summit in South Korea later this month.
“I think we’re going to end up having a fantastic deal with China," Trump said and added, "It’s going to be a great trade deal. It’s going to be fantastic for both countries, and it’s going to be fantastic for the entire world,” Bloomberg reported.
Trade tensions between the US and China were triggered after Beijing announced export controls on rare earth minerals. In response, the US imposed an additional 100% tariff on imports from China.
Source: Fxstreet
