Sterling inches higher despite Johnson's negative remarks

The British Pound rose slightly against the US dollar on Friday, despite the British Prime Minister Boris Johnson's negative comments.


Johnson said the UK will leave the EU customs union and the single market without an agreement due to the failure of delivering a fundamental change of approach from Brussels.


This came after the leaders of the European Union decided they would continue negotiations in the coming weeks with the British side.


The market remain concerned about the coronavirus global impact, especially as the second wave of infections forced several major European countries to re-impose lockdown restrictions, led by the UK and France.


GBP/USD rose 0.1% to 1.2924 as of 21:16 GMT, the pair hit an intraday high of 1.2962 and a low of 1.2869.

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Posted By laraparker : 17 October, 2020
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At 12:30 GMT, the US economy released it reading for the average hourly earnings for September, which rose by 0.1%, missing forecasts of a rise by 0.5%, and lower than the previous reading of 0.3% after it was revised from 0.4%. This data is considered negative for the US economy

At 12:30 GMT, the US economy released it reading of the personal spending for August, which rose 1%, higher than estimates of 0.7%, but lower than the previous reading of 1.5% after it was revised from 1.9%.

The US dollar fell against most of its counterparts on Thursday, to pare its early gains after the release of weak economic data.   Data showed the initial US unemployment claims rose to 870,000 last week .vs the previous reading of 866,000, worse than forecasts of a drop to 845,00.   Chicago Fed President Charles Evans said that the US economic crisis is worse than it appears in the economic data.   White House Health Advisor Anthony Fauci expressed that an effective vaccine is being developed, adding that the US would have the vaccine by next November or December.   The dollar index fell against a basket of currencies by 0.1% to 94.3 points as of 19:50 GMT, after it hit a high of 94.5 and a low of 94.2.

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