Investors have expressed concerns about a deal with the EU on the Irish border issue, putting further pressure on the British pound after it received temporary support from positive data from the manufacturing sector in the UK, which has had the best month for more than four years. GBPUSD rose to a two-month high of 1.3548 before easing slightly back to 1.35 levels.
On the other hand, the US dollar is also under pressure after the Senate postponed the vote on the tax adjustment bill as a result of some requests for measures required to address the large widening of the budget deficit, and we may see the results of voting on Friday, although it is not clear yet if a decisive vote will appear today.
Republicans see the tax bill as crucial to their hopes in the November 2018 legislative elections to control the Senate and House of Representatives.
As we expected yesterday oil moves will not be strong if the decision of oil producers are as predicted by the markets, which is the case as OPEC has agreed with the other producers of oil led by Russia to extend the reduction of production until the end of 2018, and that the process of exit from the agreement is premature.
Canada's labour market data is expected today, and the economy is expected to continue adding jobs in light of the improvement in the Canadian economy, which has pushed the Bank of Canada to raise interest rates twice this year, and forecasts to add about 10,000 jobs in November after adding 35.3 jobs in October.
