Sterling has generally had a positive week against most majors, although we have witnessed a drop off against the Canadian Dollar during the course of the trading afternoon.
Canadian unemployment came out a great deal better than expectations and so did Canadian growth figures. Unemployment in Canada had been expected to come out at 6.2% but was actually released at 5.9% which is a huge amount better and led to Canadian Dollar strength. On top of this, Growth figures also came out better than expectations and at the time of writing this post GBP/CAD was down by almost 2%.
As mentioned initially though, Sterling has indeed had a good solid week and has hit year highs against a number of majors at points during the week.
This is mainly down to the news that we have had positive news regarding the brexit divorce agreement, albeit still a way from being agreed.
Next week we will start to see how the U.K economy performed in November as we have the release of services, manufacturing and production data and although these releases will be important for how the Pound performs on those specific days I still feel that the majority of investors and speculators are mainly focused on any further news regarding brexit progression, as we close in on the EU summit in two weeks time.
The slightest piece of good news has been giving the Pound a lift, but for those with a pending exchange to carry out you must be wary that any bad or negative news could weaken the Pound fairly rapidly, although Sterling has crept back into fashion a little this week it is still a fragile character when the ‘B’ word is mentioned in a negative manner.
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