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TOP SECTOR EUR STABLECOIN (0%)
TOP CRYPTO MARKET CAP $0.00T
24H VOLUME $0.00B
BTC DOMINANCE 0.0%
ETH DOMINANCE 0.0%
TOP SECTOR EUR STABLECOIN (0%)
TOP CRYPTO MARKET CAP $0.00T
24H VOLUME $0.00B

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

James Carter
James Carter

James Carter

James is a seasoned forex trader and financial analyst with...

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James Carter

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The GBP/USD pair climbed near the 1.2400 level, driven by renewed dollar weakness after former President Donald Trump publicly urged the Federal Reserve to lower interest rates. This appeal reignited debates about the central bank’s independence and added pressure on the dollar, favoring rival currencies like the British pound.

Market sentiment shifted as traders speculated on the likelihood of monetary easing, which could weigh further on the greenback. The pound’s strength also found support in anticipation of steady Bank of England policy amid an improving UK economic outlook. However, the pair’s upward trajectory remains capped by lingering uncertainties surrounding US monetary policy and global growth concerns.

GBP/USD Price Against Major Currencies as of January 24th, 2025 (Source: FXStreet)

Trump’s remarks amplified existing volatility in financial markets, with investors recalibrating expectations for US interest rates. The Fed has signaled a cautious approach to rate adjustments, but political pressures, combined with signs of slowing growth, may tilt the balance toward further easing.

For GBP/USD, sustaining gains near 1.2400 will hinge on upcoming economic data from both the UK and the US, as well as signals from the Fed’s upcoming policy meetings. Any divergence between central bank strategies could further influence the pair’s direction, keeping traders on edge.

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