Poor Economic Outlook and Brexit Weight on Pound

The Pound strengthened at the start of trading on Tuesday after it became apparent that retail sales had recovered during October according to reports from the British Retail Consortium and Barclaycard.

Despite this, the National Institute of Economic and Social Research gave a bleak economic outlook, undermining the initial growth in the Pound. This saw the currency lose ground and finish at 1.1696 against the Euro and 1.3560 against the US Dollar according to the Foreign Exchange Market.

It was a mixed day for the Euro as it dipped at the start of the day following Germany’s balance of trade figures missing forecasts although there was a widening in the surplus. The single currency did make a recovery although it traded mostly sideways following an improvement in economic sentiment in Germany. 

The US Dollar moved higher yesterday against many of its rivals after a risk-off mood helped to provide support for the Greenback. As investors took in the latest financial stability report from the Federal Reserve, market sentiment dropped as it became clear that issues could arise from the real estate sector in China which could affect global markets.

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