- GBP/USD trades in positive territory above 1.3450 on Tuesday.
- Durable Goods Orders in the US fell less than expected in July.
- The Conference Board will publish Consumer Confidence Index for August.
Following Monday’s bearish action, GBP/USD stages a rebound on Tuesday. At the time of press, the pair was up 0.25% on the day at 1.3485.
Trump-Fed feud weighs on USD
The risk-averse market atmosphere caused GBP/USD to edge lower on Monday. Growing concerns over the Federal Reserve’s (Fed) independence, however, makes it difficult for the US Dollar (USD) to gather strength and helps the pair gain traction on Tuesday.
United States (US) President Donald Trump announced on Truth Social late Monday that he has fired Fed Governor Lisa Cook. In response, Cook released a statement via her attorneys, noting that Trump has no authority to fire her and that she will carry out her duties.
Meanwhile, the data published by the US Census Bureau showed that Durable Goods Orders fell by 2.8%, or $8.8 billion, in July to $302.8 billion. This reading came in better than the market expectation for a decrease of 4% but failed to support the USD.
Later in the session, the Conference Board will publish Consumer Confidence Index data for August. Investors will also keep a close eye on fresh developments surrounding Trump-Fed feud.
- Gold struggles below $4,200 amid stronger US Dollar, US CPI in focus
- Gold fails to sustain a break above $4,200, US CPI in focus
- Gold recovery stalls near $4,200 as US Dollar, Treasury yields stabilise
- EUR/USD Price Forecast: Rallies fail above 1.1200 amid high Oil prices, debt woes
- Gold Price Forecast: XAU/USD recovery falters as Oil and yields rise
Leave a Reply