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Trump tariff climbdown sends dollar to the cooler- GBP/USD rises towards best levels of the year
The news that rocked the dollar late yesterday evening was the rather watered down version of what the markets expected from Trump on reciprocal trade tariffs. Furthermore, those tariffs will not take effect until April and only match the levels that other countries are currently levying on the US. Trump said he decided to do this in the spirit of fairness, but who is to say he will not change that position before the April deadline kicks in? Well, more immediately the dollar was not impressed by any of this and weakened across the board. On January 7 the GBP/USD reached its highest level of the year to date, at 1.2576. The high seen since yesterday was set earlier today, at 1.2572. So, as you can see, the Pound has come very close to its best levels of the year, currently trading at 1.2560
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