Oil prices have tumbled, as traders await Trump’s new policies
Pound, euro jump after report that Trump won't impose new tariffs yet
The pound and the euro both jumped by more than 1% after the Wall Street Journal reported that Donald Trump will stop short of imposing new tariffs on US trading partners on his first day in office.
The newspaper reported that the Trump, who is sworn in as president later, plans to issue a broad memorandum today that directs federal agencies to study trade policies and evaluate US trade relationships with China and America’s continental neighbours.
The euro rose as much as 1.3% and is now 1.17% higher at $1.0392, while sterling gained 1.07% to $1.2291.
Oil prices have tumbled, as traders await Trump’s new policies, including plans to end the Russia-Ukraine war, and after a ceasefire took hold in Gaza yesterday. Brent crude has lost $1.07 to $79.72 a barrel while US light crude fell by $1.24 to $76.64 a barrel.
The FTSE 100 index has touched a new intraday all-time peak of 8,543.46, and is currently trading 0.37% higher at 8,37.41, a 32 point gain, amid growing optimism about Bank of England interest rate cuts this year.
