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GBP/USD Recovers amid ‘Greenback’ Weakness

Friday’s high: $1.3254

Friday’s low: $1.3177

US Dollar Recovers Slightly From Thursday’s Plunge

On Thursday evening, news that US Special Counsel Robert Mueller had issued a subpoena to multiple officials from the Trump 2016 presidential campaign led to market uncertainty and a US Dollar selloff.

While demand for the ‘Greenback’ recovered slightly during Friday’s American session, GBP/USD had essentially recovered from the losses it saw at the beginning of the week.

This was also due to better-than-forecast UK retail data and market anticipation for developments in the Brexit process.

USD Outlook: Political News Could Take Focus

Investors may brush over economic data in the coming days depending on political developments.

For example, Sterling is likely to spend Monday’s session reacting to any Brexit developments that took place over the weekend. The US Dollar, on the other hand, could be influenced by more Trump-Russia related news as well as US tax reform-related announcements.

In the middle of the week, Sterling investors will shift focus towards UK fiscal policy, as UK Chancellor Philip Hammond will be delivering the Autumn Budget.

While the week’s economic publications may not be influential amid political news, Britain’s Q3 growth projections and US durable goods orders, as well as the Federal Reserve’s latest meeting minutes, could all cause some GBP/USD movement.

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

22nd November

UK Autumn Budget

13:30 US Durable Goods Orders

13:30 US Jobless Claims

15:00 US Michigan Consumer Sentiment

19:00 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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