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GBP/USD rises above mid-1.3300s as US-Iran tensions cool

The dollar eased after the US paused bombing for 13 nights of strikes and oil prices fell, dialing back inflation and Fed hike expectations.

Reported · Written up by our desk · Major Pairs

GBP/USD gained ground and traded above the mid-1.3300s during the Asian session, extending Friday’s bounce from a three-week low as the US dollar weakened broadly.

FXStreet linked the move to renewed hopes for a diplomatic resolution to the five-month US-Iran conflict, after the US paused its bombing campaign following 13 consecutive nights of strikes on Iranian targets late on Friday.

The outlet added that Tehran suspended retaliatory attacks against Washington’s allies in the Middle East, while UN ambassador Mike Waltz said President Donald Trump wants negotiations to have some room.

FXStreet also said the latest developments contributed to a sharp fall in oil prices, easing inflation concerns, which reduced rate hike bets ahead of the highly anticipated two-day FOMC meeting on Wednesday.

Latest closeGBP/USD 1.332 ▼0.4%

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