What was a rollercoaster day for the pound was a rollercoaster day for the dollar too, as the greenback started the day by losing quite a bit of ground against sterling, before retracing those losses. By the end of the day it had climbed to its highest mark against sterling for some time, as investors did not react kindly to the news that the government has been found in contempt of Parliament. It serves to show how far apart the government and the rest of the House are at present. Of course, this does not bode well for Theresa May’s Brexit withdrawal agreement.
As with Germany and the eurozone, today we will see composite and services PMI from the US. However, the highlight on America’s schedule is the ISM non-manufacturing PMI for November. Federal Reserve chair, Jerome Powell, is also set to deliver testimony at 3:15pm UK time.
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