Foreign Exchange Daily Market Update 24/11/2017

Fri, November 24, 2017

Pound seven day winning streak comes to an end.

The Pound seven day winning streak came to an end yesterday.

Sterling fell after preliminary third-quarter data showed GDP growth met estimates and showed stronger consumer spending. The data came after Philip Hammond the UK Chancellor said in his Autumn Budget on Wednesday that the Office for Budget Responsibility had cut its growth forecasts.

A bounce on consumer spending on cars in the UK has driven the British economy in the third quarter, but there were signs Brexit appears to be taking a toll on business investment. Overall GDP rose an unrevised 0.4, up from 0.3%in the previous three months.

The clock ticking down to the December European Union summit, as the U.K. hopes to get an agreement to move Brexit talks onto trade, with the market looking for signs of a breakthrough, both sides are said to be collaborating on a joint document on the progress made so far.

The pound fell 0.2 percent to $1.3300 this morning from 1.334, after overnight gains were eradicated. The pound fell to 1.121 against the Euro.  

Data to look out today.   

No data out today.

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KBRFX was mentioned in the Essex Chronicle for the top 100 companies by turnover in Essex http://www.essexchronicle.co.uk/100-Essex-businesses-revealed-annual-survey/story-25140555-detail/story.html

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