- Brexit outlook looking better, UK Q3 GDP on Friday.
- US mid-terms Tuesday/Wednesday may see a shift in the House.
Busy Week but Brexit Holds the Steering Wheel
In a week in which we have the US mid-term elections, the latest FOMC meeting and the first look at UK Q3 GDP, Brexit remains the dominant important market driver and trumps all other releases/events. The US mid-terms on Tuesday may have an effect on GBPUSD if they Democrats regain the House, while the Senate is expected to remain in GOP hands.
UK Q3 GDP is expected to show a pick-up to 0.6% from 0.4% in Q2 but economic expansion is expected to weaken in Q4 back to around 0.2%. The latest Brexit rumours are that the EU and UK are closing in on a deal, but concerns remain around the Irish border impasse. PM May is meeting with ministers on Tuesday and there is talk that if an agreement looks likely, then an announcement will be made at the end of the week about a special EU meeting later this month.
GBPUSD Daily Price Chart April - November 5, 2018
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--- Written by Nick Cawley, Analyst
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