In a dynamic shift within the Forex market, the GBP/USD pair is trading robustly above 1.2600 during European trading on Tuesday. Simultaneously, the US Dollar faces a fresh wave of selling pressure, stemming from concerns over potential trade wars. Market participants are exercising caution as they navigate these volatile conditions.
Attention is gradually shifting towards a significant speech by the Bank of England's Chief Economist, Huw Pill. Market analysts are keenly observing his remarks for any insights on future monetary policy directions. Concurrently, the release of US Consumer Confidence data is also on traders' radar, as it holds potential implications for the US economic outlook.
In contrast, the EUR/USD is experiencing a more subdued session, trading in a tight range below 1.0500. Data from the European Central Bank (ECB) revealed that Negotiated Wage Rates increased at a softer pace in the fourth quarter. This moderated rise has posed challenges for the Euro in maintaining its strength against other currencies.
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