Yesterday’s high: $1.3548
Yesterday’s low: $1.3471
GBP/USD Hit 2-Month High on Hopes of Brexit Progress
The Pound achieved a 2-month high last week on hopes the UK’s Brexit negotiations might start making significant progress.
US Dollar traders were more cautious, holding off on trading over worries that a vote on tax reforms would fail to gain approval.
However, USD gained at the end of the week as the US tax bill passed through the Senate and GBP/USD gave up ground.
USD Outlook: High-Impact US Jobs Figures could Trigger US Dollar Rally
This week’s most influential UK data includes a services PMI figure on Tuesday and trade balance stats on Friday.
The UK services sector accounts for over 70% of total economic output, so improvement in this measure is usually Pound-supportive.
That said, analysts have forecast a small reduction in the services activity index, which could trigger a GBP/USD dip.
The trade balance data could conversely support Sterling, as expectations are for a moderate deficit reduction.
Over in the US, it’ll be worth watching Tuesday’s non-manufacturing PMI announcement, along with Friday’s jobs stats.
USD could decline if the PMI reading drops as predicted, but lower unemployment and a rise in non-farm payrolls might push the USD/GBP rate back up.
09:30 UK Services PMI
13:30 US Trade Balance
15:00 US Non-Manufacturing PMI
09:30 UK Trade Balance
13:30 US Change in Non-Farm Payrolls
13:30 US Unemployment Rate
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