Pound Gains on Diplomatic Hopes, Eyes Fed-BoE Announcements
The British Pound (GBP) has risen by 0.15% to around 1.3345 against the US Dollar (USD) in the European trading session on Monday, driven by renewed hopes of a diplomatic solution between the United States and Iran.
US military officials confirmed that further attacks on Iran are unnecessary as the target list has been exhausted, leading to a decline in selling pressure on the US Dollar Index (DXY), which gauges the Greenback's value against six major currencies. The DXY is trading 0.25% lower at around 101.20.
This week, investors will be closely watching monetary policy announcements by both the Federal Reserve (Fed) and the Bank of England (BoE) on Wednesday and Thursday, respectively. Both central banks are expected to leave interest rates unchanged.