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GBP vs USD currency overview for 2nd November 2017
The Pound to US Dollar exchange rate dropped last week despite news of significant progress in Brexit negotiations as US data propped up the ‘Greenback’.
US Non-Farm Payrolls data bolstered the US Dollar on Friday. The headline print was forecast to come in at around 200k in November but beat expectations at 228k, although the unemployment rate remained steady at 4.1% as expected. The Michigan consumer sentiment projection also unexpectedly dropped to 96.8.
This week, US Dollar trade is likely to focus on the Federal Reserve’s December policy decision. The Fed is expected to hike US interest rates, but if it hints that rate hikes will be slower in 2018, the US Dollar could weaken.
This update is provided by TorFX, a leading foreign exchange broker. Click here for market leading GBP/USD exchange rates
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