Thursday, 13 April 2017

GBP/USD exchange rate hits fresh high

The GBP/USD cross rose to its highest levels since the 27th March this morning, with the currency pair hitting $1.2573 following comments from President Trump yesterday evening.

The move means the pound has now risen around two cents since the start of the week, pushing the GBP/USD exchange rate away from the three week low we witnessed on Monday morning.

GBP/USD graph

What did Trump say?

The dollar has fallen across the board after President Trump spoke to the Wall Street Journal, telling them that he thought the U.S. dollar was "getting too strong" and if continued it would end up hurting the U.S. economy. He also said he would prefer the Federal Reserve to keep interest rates low.

Trumps comments have come as a huge surprise to the markets, it is unusual for the President of the United States to talk about the value of the country's currency and monetary policy.

Both are normally left to the Federal Reserve, but it would appear Trump still has his own agenda, with markets taking the comments as a fresh reminder of his protectionist trade stance, a stance that has been hurting the dollar for the last few months.

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