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Markets had hoped Trump would take the opportunity to provide some details of his proposed "tax reform" and fiscal spending, and as we approached the opening of the London session the GBP/USD fell back to $1.2388, the lowest we have seen the currency pair since the 7th February.
However, the dollar has been unable to hold on the gains that it made this morning and at the time of writing the pound/dollar exchange rate has risen back towards $1.2470, as you can see from the graph below.
GBP/USD
Despite Treasury Secretary Steven Mnuchin stating yesterday that Trump would use his speech to preview some of his plans, the dollar started to lose ground as investors became concerned that Trump might not provide the finer details of his economic plan.
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