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GBP/USD Slips from Monthly High

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.

Key Events

24th November

09:30 UK BBA Mortgage Approvals

14:45 US Markit PMIs

27th November

15:00 US New Home Sales

15:30 US Dallas Fed Manufacturing Index

28th November

07:00 UK Nationwide Housing Prices

13:30 US Wholesale Inventories

29th November

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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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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