The Weekly Market Update
News & Insights
w/c 9th November: Data Week
GBP
The British Pound gained support from falling borrowing costs, improved UK-EU trade relations and a stronger than expected Bank of England stance. However, weaker services activity limited its progress. The Pound could strengthen further if upcoming UK economic growth figures exceed expectations. Comments from Bank of England Governor Andrew Bailey may also influence sentiment, with investors watching closely for signs of continued support for the currency.
EUR
The Euro experienced mixed performance, gaining some support from positive economic data but facing pressure from weaker business activity. Its progress was also limited by changing market conditions. With few major economic announcements expected, attention will turn to wider economic concerns and developments in France, which could influence investor confidence in the single currency.
USD
The US Dollar experienced significant fluctuations following the midterm election results, initially weakening amid concerns about political uncertainty and its potential impact on economic growth. However, it later recovered as investors sought safer investments during a technology market downturn. Stronger than expected employment figures also supported the currency. Looking ahead, rising US inflation could strengthen expectations of further action from the Federal Reserve, providing additional support for the Dollar.
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