Sterling Weakens

Forex News

Sterling has softened. The cable has declined 0.39% and it’s trading at 1.3389. British Q2 current account deficit expanded to 23.2B pounds. The Q2 Gross Domestic Product rose 0.35%. The United States will release Personal Spending and UoM Consumer Sentiment. Brexit negotiations are still tensed, with no progress hasn’t been made within four rounds. But, after Theresa May’s speech before the European Monetary and Economic Affairs Committee was taken positively, and there’s hope for reaching some success in terms of the cost of divorce, the border with Ireland and the stance of EU citizens that live in Britain.

US final Q2 Gross Domestic Product accelerated 3.1%. But, this quarter’s numbers, especially the employment ones, might weaken due to weather disasters in Texas and Florida. Donald Trump has announced his tax plan. The plan suggests a reconstruction of the US tax code, which involves lowering the corporate tax rate from 35% to 20%, and 25% tax rate for small businesses. The plan has already caused big controversy and it is yet to be approved by the Congress.