The Pound jumped in value yesterday during afternoon trading, reversing some of its recent losses. Some analysts identified the Pound's move against the Yen as the trigger for the rise against the dollar, with rumors of a large order going through in GBPJPY.
The move also came as Theresa May told the CBI conference she is working on getting business approval for her Brexit plans. Two days ahead of Philip Hammond's Autumn Statement, Mrs May tried to reassure businesses concerned about a sudden change in rules once the UK leaves the EU. She also discussed her ambition to ensure the UK has the lowest corporate tax rates in the G20 group of advanced economies. May also promised an early agreement on the status of UK nationals in Europe, and EU nationals in the UK. She pledged to Invest £2bn annually in research and development by 2020 ; and to launch an Industrial Strategy aimed at spreading economic growth across the UK.
In a speech yesterday European Central Bank President Mario Draghi has defended the bank’s monetary policy actions once more, and repeated his calls for governments to step up their own reforms to boost growth.
Draghi also said the bank needed to continue its supportive policies to bring inflation close to its target of 2% . But he said the European economy had shown resilience to the global uncertainty. The Central Bank will decide on Dec. 8 on whether and how to extend its 80 billion Euros monthly bond purchases