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GBP/USD Hits Fortnight High on Brexit Hopes

Yesterday’s high: $1.3273

Yesterday’s low: $1.3190

Pound Climbs on Budget Anticipation

Pound investors are hoping for positive developments in Brexit negotiations this week, leaving Sterling stronger.

Over the weekend, UK Chancellor Philip Hammond signalled that the UK government may be willing to raise its offer for the UK-EU ‘divorce bill’ in order to break the current deadlock.

On top of this, analysts are speculating that Hammond will announce some relieving fiscal policies for UK consumers during Wednesday’s Autumn Budget.

Anticipation for an improved UK outlook helped GBP easily advance against a weaker USD. ‘Greenback’ traders remain anxious about US tax reform and the political uncertainty caused by recent developments in the Trump-Russia story.

USD Outlook: UK Budget Remains in Focus

A lack of notable US data due for publication over the next few days means that US Dollar trade is likely to remain focused on developments in US politics and tax reform.

This means the Pound could continue climbing against the US Dollar in the coming days, especially if the UK government manages to reach an agreement on the Brexit divorce bill.

Pound investors would also be relieved if measures are taken in Wednesday’s Autumn Budget to boost Britain’s economy and consumer activity.

Key Events

21st November

09:30 UK Public Sector Net Borrowing

13:30 US Chicago Fed National Activity Index

15:00 US Existing Home Sales

23:00 US Fed Yellen Speech

22nd November

UK Autumn Budget

13:30 US Durable Goods Orders

13:30 US Jobless Claims

15:00 US Michigan Consumer Confidence

19:00 US Federal Reserve Minutes

23rd November

09:30 UK Growth Rate

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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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