It seems like the rally of the greenback has ended. On Monday, the US dollar index was below $93.50. Tuesday’s attempts to recover are not successful. The index is below $93.40. No important economic data will be released today.
British industry ascends, although Brexit still affects the economy
In September, the UK industry reported its strongest month so far in 2017, and the trade deficit happened to narrow, providing some upbeat signs for the British economy, facing a potentially tough 2018 as Brexit is getting closer.
The figures issued on Friday hinted that manufacturing might get down to counteracting a consumer-led slowdown, providing some vindication to the Bank of England that increased interest rates for the first time in more than 10 years the previous week.
The British pound rallied to a day's maximum versus the greenback after the data.
Stronger global surge along with the effect of the weaker UK currency seems to be visible in the British manufacturing numbers.
However, the Office for National Statistics also posted a 1.6% monthly dive in construction, while separate figures issued on Friday disclosed that UK shops had their worst October for sales in a decade.
This economic indicator is highly important for the Bank of England’s monetary policy because it is used as the central bank’s inflation target.
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