The Pound Sterling retreats against the US Dollar ahead of a US data-packed week.
Growing speculation for Trump’s victory has improved the US Dollar’s appeal.
A sharp decline in UK Retail Sales has boosted BoE rate-cut hopes.
The Pound Sterling (GBP) fails to extend a slight recovery above the immediate resistance of 1.2930 against the US Dollar (USD) in Monday’s European session. The near-term outlook of the GBP/USD pair has become uncertain after a corrective move from an annual high of 1.3044 recorded last Wednesday. The Cable faced selling pressure as improved speculation for Donald Trump winning United States (US) presidential elections this year prompted the US Dollar’s appeal.
The expectations for Donald Trump increased as US President Joe Biden decided to endorse Vice President Kamala Harris to nominate herself as a contender for elections.
Investors expect Donald Trump's election victory to lead to a rise in trade restrictions that will increase inflation. The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, rose to 104.40 but corrected slightly in Monday’s London session.
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