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Pound US dollar exchange rate: GBP/USD steadies as Trump investigation ‘crumbles’

Mr Trump lashed out in a tweet, saying: “Democrats have embarked on a fishing expedition because they are terrified that their two year false narrative of ‘Russia collusion’ is crumbling … The Democrats are not after the truth, they are after the President.”  

In UK news meanwhile, the pound stabilised after Attorney General Geoffrey Cox failed to offer comment following his meeting in Brussels yesterday, and with traders awaiting news on the Irish backstop, this has left the pound unable to gain on the “greenback”. 

Talks are set to renew today between the EU’s Brexit Negotiator, Michel Barnier, and the UK’s Brexit Secretary, Stephen Barclay, along with Mr Cox, in an attempt to quell fears of the UK being trapped in a customs union with the EU.

If talks go successfully, this could further bolster support for Prime Minister Theresa May’s Brexit deal. 

The US dollar, meanwhile, has held steady against the pound following last night’s release of the US monthly budget statement figures for January, which climbed above consensus to $9bn, lending some support for the ‘greenback’. 

US dollar traders will be looking ahead to the publication of the US ADP employment change figures for February, which is expected to decrease.

These will be followed by the US trade balance figures for December which are also expected to decrease, potentially weakening the dollar. 

The UK, however, will not see any significant economic data releases today.

Sterling traders are focusing instead on the speech by Sir Jon Cunliffe, the Deputy Governor for Financial Stability at the Bank of England, and with any bullish comments forthcoming about the UK economy, this could see the GBP/USD exchange rate rise. 

Sterling could benefit if there are any indications from the UK-EU negotiations over the Northern Irish backstop, and with an emerging consensus that is in favour of Mrs May’s Brexit deal, this could see the pound rise against the US dollar. 

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