Daily Currency Update

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Johnson works to find a Brexit solution

GBP - British Pound

The pound received a slight lift on the back of improved Brexit sentiment. Although the No.10 Downing Street spokesperson cites a substantial gap between the UK and EU views regarding Northern Ireland, British Prime Minister, Boris Johnson, has claimed he is ready to work hard and do his best to find a solution that works for both parties.

That said, the British policymakers have also given consent to Irish PM Michael Martin that they won’t trigger Article 16 until the talks collapse. This has bought some much needed positivity to the situation.

The pound remains weak however as investors are not rushing to make any predictions on whether the Bank of England will hike rates in their next meeting, after the shock announcement of keeping rates the same at the last meeting.

Key Movers

The US dollar continues to dominate the majority of currencies, as the USD index, which measures the relative strength of USD against a basket of currencies, reached 97, before consolidating. The US dollar is likely to remain fairly muted as it is Thanksgiving in the US on Thursday.

Expected Ranges

GBP/USD: 1.3280-1.3410 ▼

GBP/EUR: 1.1835-1.1940 ▲

GBP/AUD: 1.8515-1.8635 ▲