20th November

Top Currency Pairs Monday 20th November 04:00 UTC GBP/USD: 1.24853 (Last Week: 1.22278) EUR/USD: 1.09239 (Last Week: 1.06861) GBP/EUR: 1.14293 (Last Week: 1.14427) Market News

Pound Sterling The British Pound reached a fresh six-month low against the Euro last week and risks further downside unless UK PMI numbers can outshine those of the Eurozone. In the meantime, ahead of Thursday's data will come the UK Autumn Statement. This too could offer the Pound some support if the government takes decisive steps to boost business investment and productivity despite the limited fiscal headroom available.

Euro The Euro held onto recent gains this morning even though last week’s data showed that inflation was coming down sharply. In fact, Eurozone inflation was confirmed at 2.9% on an annual basis, down from 4.3% the previous month. However, policy makers have been keen to push back on the idea of the ECB cutting interest rates any time soon, saying inflation still remains above target. Looking forward, there are a number of central bankers set to speak today and their comments will be parsed carefully for clues over future policy.

U.S. Dollar The U.S. Dollar slid to a two-month low this morning, extending a downtrend from last week. The movement comes as investors reaffirmed their belief that U.S. rates have peaked and turned their attention to when the Federal Reserve could begin cutting rates. The shift in expectations follows a slew of weaker than expected U.S. economic indicators, particularly after an inflation reading that came in below estimates.

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