The Pound US Dollar (GBP/USD) exchange rate dived -0.95% on Friday, wiping out gains for the week. The pair settled flat across the week at US$1.3087 and remains at that level as the new week begins.
Whilst fears of a no trade deal Brexit are dragging on demand for the Pound, optimism surrounding the UK’s economic recovery in the third quarter is underpinning sterling. According to government analysis the British economy is on track for record growth this quarter.
The US Dollar is treading water as investors look ahead to the central bankers virtual meeting at the Jackson Hole symposium and a key note speech by Federal Chair Jerome Powell. Whilst US business activity and home sales data has been encouraging expectations are that more monetary easing is needed.
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