6th November

Top Currency Pairs Monday 6th November 04:00 UTC GBP/USD: 1.23755 (Last Week: 1.21207) EUR/USD: 1.07343 (Last Week: 1.05605) GBP/EUR: 1.15292 (Last Week: 1.14509) Market News

Pound Sterling The British Pound looks set to deliver a fresh leg higher as the market mood is supportive for risk-sensitive assets. However, headwinds could be guided by the preliminary Q3 Gross Domestic Product for 2023, which will be published later this week. Economists project a marginally negative Q3 GDP as UK firms cut heavily on workforce and inventories due to a poor demand environment.

Euro The Euro rose against the greenback to levels last seen in September on the back of recent Dollar weakness, rather than any form of regional economic strength. Nevertheless, German factory orders increased 0.2% on the month in September, a stronger result than the expected 1% fall, but still a sharp drop from the revised 1.9% gain seen in August.

U.S. Dollar The U.S. Dollar hovered near six-week lows as Friday’s softer than expected non-farm payrolls data and less hawkish signals from the Federal Reserve drove up bets that the bank was done raising interest rates. However, while the prospect of no more hikes bodes well for global markets, the central bank is still expected to keep rates higher for longer, denting the chances of any major near-term gains in other currencies.

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