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Pound rises amid Trump's tariff U-turn - YAHOO FINANCE
Pedro Goncalves Finance Reporter, Yahoo Finance UK
Pound (GBPUSD=X, GBPEUR=X)
The pound was higher against the dollar, up by 0.3% to $1.2852, following US president Donald Trump’s decision to pause tariffs for 90 days in a dramatic shift that offered some relief to jittery markets.
A possible relief rally in global equity markets, and prospect for stabilisation in the bond market, is fuel for the recovery of the pound on Thursday.
Trump blamed people “getting a little bit yippy, a little bit afraid” for the pause in global tariffs, after they triggered the most intense episode of financial market volatility since the early days of the Covid pandemic.
But he denied making a U-turn, telling reporters that “you have to be flexible”.
The dollar extended its losses, with the dollar index (DX-Y.NYB), which measures the greenback against a basket of six currencies, losing 0.3% to 102.65.
In other currency moves, sterling was muted against the euro, trading at €1.1699.
