British Pound Decreased Amid Brexit Statements

Market Reviews

Strong US economic data contributed to the recovery of the dollar. The Labor Department said that initial unemployment claims in the US decreased by 15.000 to 243.000, seasonally adjusted for the week ending October 7. Economists were expecting 251.000 new applications last week. The Headline PPI increased by 0.4% mom and by 2.6% yoy in September.

The British pound declines on the announcement of the EU's chief negotiator, Michel Barnier. He said that much progress has not been made during the fifth round of negotiations on Brexit. Barnier repeated that the EU will not make concessions on the financial conditions of Brexit.