Brexit Hope Drives GBP to USD Rate to New 31 Month High

Through trading on Wednesday, the Pound benefitted from a boost as a result of investors acting on comments from the European Commission President where a Brexit trade deal could be likely. However, this was soon stopped in its tracks following a statement from a Downing Street spokesperson who intimated that no-deal is still likely. The Bank of England is likely to release its final policy decision today and that could determine the direction of the currency. At close of trading yesterday, the Foreign Exchange Market showed that the pounds finished the day at 1.1069 against the Euro and 1.35 against the US Dollar.

The Euro nudged higher on Wednesday after PMI figures were better than expected. They showed that both the manufacturing and service sectors showed improvements and this pointed to a smaller contraction in private sector growth.

It wasn’t a good day for the US Dollar as it hit a 31 month low after the Federal Reserve upgrades its growth forecasts. This saw risk appetite grow and that pushed down demand for the safe-haven currency. Along with this, there was a significant contraction in sales growth and that also placed more pressure on the Greenback.


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