The British pound sterling (GBP) to US dollar (USD) exchange rate is trading lower today.
Sterling is being pressured by ongoing uncertainty around Brexit negotiations between the UK and EU. The trade deal deadline is fast approaching with little progress made so far.
The US dollar is gaining some haven demand as rising coronavirus cases in Europe threaten the economic recovery. More lockdowns could be imposed which would slow growth.
However, the dollar is facing headwinds from the lack of a US fiscal stimulus package. Democrats and Republicans remain far apart on agreeing another round of pandemic relief spending.
On the data front, today's US jobless claims figures came in higher than expected, underscoring weaknesses in the labor market. However, the underlying trend remains downward.
Looking ahead, traders will be closely watching any Brexit updates from talks between UK Prime Minister Boris Johnson and EU Commission President Ursula von der Leyen later today.
Sterling is being pressured by ongoing uncertainty around Brexit negotiations between the UK and EU. The trade deal deadline is fast approaching with little progress made so far.
The US dollar is gaining some haven demand as rising coronavirus cases in Europe threaten the economic recovery. More lockdowns could be imposed which would slow growth.
However, the dollar is facing headwinds from the lack of a US fiscal stimulus package. Democrats and Republicans remain far apart on agreeing another round of pandemic relief spending.
On the data front, today's US jobless claims figures came in higher than expected, underscoring weaknesses in the labor market. However, the underlying trend remains downward.
Looking ahead, traders will be closely watching any Brexit updates from talks between UK Prime Minister Boris Johnson and EU Commission President Ursula von der Leyen later today.
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