Sterling jumps after Trump talks major trade deal

The pound jumped today, along with the Australian dollar, after US President Donald Trump said he would announce a “major trade deal” later today.

The pound was up 0.4% at $1.3341 by 02:30 GMT, even as the Bank of England was widely expected to cut interest rates by a quarter point later today.

The Australian dollar gained as much as 0.6% against the US dollar, and the New Zealand dollar advanced about 0.5%.

In a post on his Truth Social platform, Trump wrote that he would hold a press conference at 2:00 PM GMT about “a major trade deal with representatives of a great and highly respected country.”