GBP/USD advances as US Dollar softens on US-Iran talks, risk-on mood
GBP/USD advances on Wednesday and trades around 1.3630 at the time of writing, up 0.65% on the day, benefiting from the broad weakness of the US Dollar (USD). The move comes as investors reduce demand for safe-haven assets following several reports pointing to diplomatic progress between the United States (US) and Iran.
According to Axios, US and Iranian representatives are close to reaching a memorandum of understanding aimed at ending the current conflict and opening a new phase of negotiations regarding Iran’s nuclear program. Read more…
GBP/USD approaches 1.3600 amid hopes of a swift end to Iran war
The Pound (GBP) accelerates its recovery against the US Dollar (USD) on Wednesday, reaching session highs at 1.3595 so far, after bouncing from weekly lows near 1.3500 on Tuesday. Growing hopes that the war in the Middle East might be nearing its end are weighing on the safe-haven USD and providing support for the Cable.
US President Donald Trump boosted market mood earlier on Wednesday, announcing a pause in the Project Freedom plan to escort vessels out of the Strait of Hormuz, claiming “great progress” in peace negotiations with Tehran. Read more…
