{"id":47099,"date":"2019-10-21T04:00:52","date_gmt":"2019-10-21T08:00:52","guid":{"rendered":"https:\/\/currencylive.com\/?p=47099"},"modified":"2019-10-21T08:39:22","modified_gmt":"2019-10-21T12:39:22","slug":"101272-gbp-usd-pound-slips-as-brexit-breakthrough-hopes-dashed","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/101272-gbp-usd-pound-slips-as-brexit-breakthrough-hopes-dashed\/","title":{"rendered":"GBP\/USD: Pound Slips As Brexit Breakthrough Hopes Dashed"},"content":{"rendered":"

Brexit optimism boosted the pound versus the dollar in the previous week. The pound US dollar exchange rate soared to a 5-month high of US$1.2990 as it closed up 2.5% across the week<\/a>. So far, the pair has rallied 6.5% in October. The pound US dollar exchange rate is edging lower in early trade on Monday.<\/p>\n

Hopes of a Brexit agreement between the UK & EU has lifted the pound across recent weeks. The pound struck a high on Thursday after the UK Prime Minister Boris Johnson and European Commission President Jean Claude Juncker announced a jointly agreed new Brexit deal.<\/p>\n

Over the weekend Parliament scuppered Boris Johnson\u2019s Brexit plans. Whilst the latest developments mean a no deal Brexit is less likely, they also increase Brexit uncertainty. Parliament agreeing a deal could potentially be a longer process. The government is sticking with the rhetoric that the UK is leaving 31st<\/sup> October, however an extension until 31st<\/sup> January is also possible.<\/p>\n

The increased Brexit uncertainty has pulled the pound lower at the start of the new week. However, given the latest developments also mean a no deal Brexit is less likely, analysts are expecting the pound to hold onto the bulk of last week\u2019s advance.<\/p>\n

Brexit will continue to be the exclusive river of movement in the pound.<\/p>\n

Quiet Start For US Dollar <\/strong><\/h3>\n

The mood soured towards the US dollar in the previous week, following a slew of dismal US data. US retail sales unexpectedly declined -0.3% month on month, the weakest reading in 7 months. The numbers raised concerns the US consumer, central to the health of the US economy, was starting to show signs of cracking.\u00a0 US manufacturing data showed a month on month contraction of -0.5%, the weakest reading in four months. This unnerved investors that the current US manufacturing slump was deepening.<\/p>\n

The data has investors believing that the Federal Reserve could cut interest rates again in October. Investors are assuming a 91% probability of a cut, up from 67% a week ago.<\/p>\n

US data will play second fiddle to factors driving the pound this week. US housing data and durable goods figures could attract the most attention.<\/p>\n

 <\/p>\n\n\n\n\n
What do these figures mean?<\/strong><\/td>\n<\/tr>\n
When measuring the value of a pair of currencies, one set equals 1 unit and the other shows the current equivalent. As the market moves, the amount will vary from minute to minute.<\/p>\n

For example, it could be written:<\/p>\n

1 GBP = 1.28934 USD<\/em><\/p>\n

Here, \u00a31 is equivalent to approximately $1.29. This specifically measures the pound\u2019s worth against the dollar. If the US dollar amount increases in this pairing, it\u2019s positive for the pound.<\/p>\n

Or, if you were looking at it the other way around:<\/p>\n

1 USD = 0.77786 GBP<\/em><\/p>\n

In this example, $1 is equivalent to approximately \u00a30.78. This measures the US dollar\u2019s worth versus the British pound. If the sterling number gets larger, it\u2019s good news for the dollar.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

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Brexit optimism boosted the pound versus the dollar in the previous week. The pound US dollar exchange rate soared to a 5-month high of US$1.2990 as it closed up 2.5% across the week. So far, the pair has rallied 6.5% in October. The pound US dollar exchange rate is edging lower in early trade on […]<\/p>\n","protected":false},"author":163946597,"featured_media":4844,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1379,1381],"tags":[1396,1386,1394,1457,1406,1474,1391,1414,1430,1397,1398],"class_list":{"0":"post-47099","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-gbp","8":"category-usd","9":"tag-boris-johnson","10":"tag-brexit","11":"tag-gbp","12":"tag-manufacturing","13":"tag-no-deal","14":"tag-parliament","15":"tag-pound","16":"tag-recession","17":"tag-retail-sales","18":"tag-us-dollar","19":"tag-usd"},"acf":[],"yoast_head":"\nGBP\/USD: Pound Slips As Brexit Breakthrough Hopes Dashed - Currency Live<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/currencylive.com\/news\/101272-gbp-usd-pound-slips-as-brexit-breakthrough-hopes-dashed\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Fiona Cincotta\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101272-gbp-usd-pound-slips-as-brexit-breakthrough-hopes-dashed\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101272-gbp-usd-pound-slips-as-brexit-breakthrough-hopes-dashed\\\/\"},\"author\":{\"name\":\"Fiona Cincotta\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/8ef0fafb6c93f1204150bb907b42cfec\"},\"headline\":\"GBP\\\/USD: Pound Slips As Brexit Breakthrough Hopes Dashed\",\"datePublished\":\"2019-10-21T08:00:52+00:00\",\"dateModified\":\"2019-10-21T12:39:22+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101272-gbp-usd-pound-slips-as-brexit-breakthrough-hopes-dashed\\\/\"},\"wordCount\":721,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101272-gbp-usd-pound-slips-as-brexit-breakthrough-hopes-dashed\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/100626-gbp-usd-brexit-fears-pound-lower.jpg\",\"keywords\":[\"boris johnson\",\"Brexit\",\"gbp\",\"manufacturing\",\"no deal\",\"parliament\",\"pound\",\"recession\",\"retail sales\",\"us dollar\",\"usd\"],\"articleSection\":[\"GBP\",\"USD\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2019\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101272-gbp-usd-pound-slips-as-brexit-breakthrough-hopes-dashed\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101272-gbp-usd-pound-slips-as-brexit-breakthrough-hopes-dashed\\\/\",\"name\":\"GBP\\\/USD: Pound Slips As Brexit Breakthrough Hopes Dashed - 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