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USD weekly currency update- 27 January 2017

By Daily Market Brief - Fri 27th Jan 2017

Politics, not economic data, shaped the fortunes of the dollar and the pound. In Westminster the government's reaction to the Supreme Court's ruling that parliament must approve the EU departure process was positive for sterling. Investors welcomed the promise of a white paper that should further clarify Downing Street's plans for Brexit and beyond. 

In the US pronouncements and executive orders of the new president were unhelpful to the dollar. His obsession with the numbers attending his inauguration worried investors, as did his readiness to quote "alternative facts" when the real ones don't suit. The prospect of a trade war with Mexico was another concern.

The dollar took a weekly loss of two cents to the pound. It was unchanged against the euro. Economic data played only a minor role. British retail sales for December were disappointing while growth in the fourth quarter of 2016 beat expectations. There were no important figures from the United States.

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