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Pound slips as markets await news of tariff deals - YAHOO FINANCE
The pound was down against the dollar on Monday morning, slipping 0.2% to $1.3619, as traders awaited news of the tariff "deals and letters" which Donald Trump said he will issue later today.
Trump warned overnight that he will impose a new 10% tariff on any country that aligns itself with the Brics group of developing nations, claiming they are “anti-American”.
The warning comes as the US finalises trade deals with a number of partners, while Washington is expected on Monday to begin informing other trade partners of the tariffs it has settled on. They will be implemented from 1 August, according to the president.
"The 90-day US tariff pause began on 2 April and is set to expire on Wednesday, leaving markets uncertain about what comes next. Trump announced on Sunday that the higher tariffs are set to take effect on 1 August, but countries without a bilateral deal will be notified by the 9 July deadline," said Shane Strowmatt, an analyst at LGT, a private bank.
Brics is a grouping that includes Brazil, China, Russia, South Africa and India.
The US Dollar Index (DX-Y.NYB), which tracks the greenback against a basket of six major currencies, was steady at 97.19.
In other currency moves, the pound was basically flat against the euro, at €1.1585 at the time of writing.
