Over the course of this week, the dollar has continued to weaken against both sterling and the euro.
The big data to watch out for today will be GDP for Q3 at 1:30pm UK time. In the previous quarter, the US economy contracted 0.6%, confirming that America had entered a technical recession. However, markets are expecting there to be more economic growth for the US today, as GDP for Q3 is forecast at 2.5%.
America’s initial jobless claims, consumer spending and durable goods orders data will also be released at 1:30pm today.
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