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Nov 01, 2020 | Monthly Currency Outlook

Currency Market Outlook - November 2020

Our November report outlines the key events and drivers that our analyst team expect to impact FX currency markets in the weeks ahead.

Written by George Vessey, UK Currency Strategist

Highlights include:

USD: A risk-laden first week of November features the presidential election, a Fed decision, and the October jobs report.
CAD: Canada likely hired jobs for a sixth straight month in October which if realised would bode better for consumer spending and the broader economy.
GBP: Oxford Economics still forecast a 40% chance of a no-trade-deal Brexit, which could wipe 10% off sterling’s current value by early next year.
EUR: Given the rise of COVID-19 infections in Europe and the economy’s uncertain path, the European central bank could hint at more easing to come soon.
JPY: A new rally of the Japanese currency could be seen in the event of a sell-off across stock exchanges as the current valuation looks disconnected from economic fundamentals.

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