The British pound rose strongly today after news of a possible agreement on Brexit after Britain increased its bid to 50 billion euros, bringing the British pound to 1.34 levels for the first time since October.
On the other hand, this week is important for the US dollar, especially as the passage of the draft law of largest tax adjustment, after the Senate Budget Committee passed the bill paving the way for the Senate, which may vote on Thursday. Also, today's preliminary GDP reading will be released for Q3 of 2017 and the economy is expected to grow by 3.3% after growing by 3% in the previous quarter. Attention will also be drawn to the testimony of Janet Yellen, Federal Reserve Governor before Congress on the outlook for the US economy.
The dollar rose yesterday against most of its rivals after the consumer confidence index hit its highest level in 17 years, but fell slightly after comments by US Federal Reserve candidate Jerome Powell first testifies and concerns over the continuation of the North Korean crisis.
November will be the worst performance for the US dollar since last July, as well as the worst year since 2003.
Another thing the markets will be waiting for is the decision of OPEC and its partners in the production cut-off agreement, as speculations about the desire prolong oil supply cut until the end of 2018. Oil prices fell slightly today, trading below $57.50. Oil has risen about 40% since mid-year, supported by a cut production deal that expires in March.
On the other hand, Bitcoin continues to rise and continues to record new highs exceeding the levels of $10,000.
