Yesterday’s high: $1.3149
Yesterday’s low: $1.3088
GBP/USD Left Fluctuating as Both Currencies Weaken
Investors have become more concerned that US President Donald Trump’s proposals for tax reform could be delayed or heavily wound back in recent sessions, due to a recent report that corporate tax cut plans may be delayed by a year.
This, as well as the failures of the US healthcare bills attempted over the summer, have caused market uncertainty about how successful tax reform will be.
The Pound, on the other hand, has seen mixed movement as the UK government replaced ex-International Development Secretary Priti Patel with Penny Mordaunt; another Brexit campaigner. This dashed hopes that Patel would instead be replaced with a cabinet member who supports a softer Brexit.
USD Outlook: Michigan Confidence Data Ahead
Friday’s American session will see the publication of Michigan University’s November consumer sentiment survey, with an uptick in confidence being US Dollar-supportive.
However, USD traders are likely to focus on tax reform in the coming days and weeks as the Republican Party has indicated it intends to tackle it on some level before the end of the month.
09:30 UK Balance of Trade
09:30 UK Manufacturing and Industrial Production
09:30 UK Construction Output
15:00 US Michigan Consumer Sentiment
09:30 UK Inflation Rate
11:00 US NFIB Business Optimism
13:30 US PPI
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