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GBP/USD Fails to Hold Gains

Yesterday’s high: $1.3175

Yesterday’s low: $1.3114

US Dollar Strengthens on Hopes for Tax Reform

Despite a lack of notable ecostats published on Tuesday, demand for the US Dollar increased.

Expectations that the Fed will hike US interest rates in December and rising hopes for success in US President Trump’s plans for tax reforms are lending the US Dollar underlying support.

USD Outlook: Political News in Focus

Political developments continue having a significant impact on the outlooks for the US Dollar and Pound in the weeks ahead.

Any signs that UK-EU Brexit negotiations are speeding up would make the Pound more appealing, while progress in US tax reform plans would be US Dollar-positive. However, if the tax bill faces obstacles in Congress like the healthcare act did earlier in the year, the US Dollar is likely to weaken considerably.

Key Events

8th November

12:00 US MBA Mortgage Applications

9th November

13:30 US Jobless Claims

15:00 US Wholesale Inventories

10th November

09:30 UK Balance of Trade

09:30 UK Manufacturing and Industrial Production

09:30 UK Construction Output

15:00 US Michigan Consumer Sentiment

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To keep up to date with the US Dollar, visit the USD blog in our Currency News section.

Arron Morris


Senior Currency Broker
T: 01442 892 065

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