Sterling declines for third session versus greenback

Economies.com
2018-11-27 17:38PM UTC

Sterling fell in American trade to November 15 lows, when it marked the worst performance since the Brexit referendum on June 24, 2016 versus the greenback, following earlier US housing and consumer sentiment data.

 

As of 05:14 GMT, GBP/USD shed 0.73% to 1.2734, with an intraday high at 1.2830, and a two-week trough at 1.2725. 

 

UK Prime Minister Theresa May said Britain will have free and independent trade talks with the world in the future, adding talks have already taken place with the US on the future of their trade relations.

 

May's spokesman, James Slack, stated earlier that the final Brexit agreement draft asserts Britain's rights to sign trade deals with any country freely and ambitiously. 

 

On the same subject, US President Donald Trump said signing the Brexit agreement would benefit the European Union, considering it a good deal for the EU but could damage Britain's ability to set up strong trade relations with America. 

 

Otherwise, Federal Reserve Governor Richard Clarida spoke about data dependence and monetary policy at The Clearing House and Bank Policy Institute's Annual Conference, in New York, where he noted gradual rate hikes are still the appropriate path for monetary policy, with data supporting the direction of normalizing policies as the labor sector strengthens and wages rise. 

 

An index tracking US house prices rose 0.2% in September, slowing down from 0.4% in August, while the S&P House Price Index rose 5.1% y/y, slowing down as well from 5.5% in August and missing expectations of 5.3%. 

 

An index tracking US consumer confidence fell to 135.7 in November from 137.9 in October, missing estimates of 136.2. 

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