Yesterday’s high: $1.3331
Yesterday’s low: $1.3218
UK Data Fails to Support Pound
The Pound to US Dollar exchange rate hit a multi-week high as investors digested the latest Federal Reserve meeting minutes, which indicated that multiple Fed officials were concerned at US inflation trends going forward.
However, Sterling failed to hold its best levels and slipped on Thursday amid some underwhelming domestic data.
Britain’s latest Q3 Gross Domestic Product (GDP) projections were largely unsurprising, with the yearly figure coming in at 1.5% as expected.
Investors were also disappointed by the UK Q3 business investment projections, which fell short of expectations in both quarterly and yearly prints.
USD Outlook: US PMIs Ahead
While US Dollar investors typically prefer ISM’s PMIs, Markit’s US PMI projections for November will be published during Friday’s American session and may cause some USD movement.
Failing that, investors are likely to focus on political news again. With a relatively quiet few days ahead for Britain’s economic calendar, Brexit developments will be in the spotlight.
09:30 UK BBA Mortgage Approvals
14:45 US Markit PMIs
15:00 US New Home Sales
15:30 US Dallas Fed Manufacturing Index
07:00 UK Nationwide Housing Prices
13:30 US Wholesale Inventories
09:30 UK Bank of England Consumer Credit
09:30 UK Mortgage Lending and Approvals
13:30 US Growth Rate
13:30 US PCE Prices
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Senior Currency Broker
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