|Day's Range||1.248 - 1.251|
|52 Week Range||1.2481 - 1.4377|
After a day dominated by Brexit headlines, currency markets are driven by news on the trade front on Tuesday, helping risk appetite across the board.
Investing.com - The dollar rose against its rivals Tuesday on higher-than-expected U.S. wholesale inflation and a slump in the pound amid growing uncertainty over UK Prime Minster Theresa May's future.
The ever-evolving drama surrounding Brexit has market participants scrambling to get their expectations in order. But as renewed speculation swirls around potential leadership challenges in the wake of Prime Minister Theresa May’s decision to delay a parliamentary vote on her exit plan, there is little consensus.
Reports show that British Prime Minister Theresa May could be toppled within hours as enough politicians in her ruling Conservative party have requested her removal to trigger a leadership challenge.
Investing.com - The U.S. dollar inched higher on Tuesday, as a leading indicator of inflation rose, increasing pressure on the Federal Reserve to raise rates.The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, rose 0.13% to 97.31 as of 10:29 AM ET (15:29 GMT).The core producer price index increased more than expected in November. The Federal Reserve keeps its eye on this data because, when producers pay more for goods, they are more likely to pass price increases on to the consumer. ...
The British pound initially tried to recover some of the losses during the trading session on Tuesday but rolled over again as the Brexit uncertainty continues. Ultimately, I think this is the overall theme for this pair, we will continue to go lower.
The British pound touched a fresh 20-month low on Tuesday amid continuous Brexit struggles that saw U.K. Prime Minister Theresa May jetting across the European continent in an effort to get reassurances on the Northern Ireland border issue as she attempts to shore up support at home for her Brexit plan. Meanwhile back in the U.K., there were conflicting reports about whether enough Conservative members of parliament had sent in letters that would trigger a leadership challenge to May. The Prime Minister pulled the vote on her Brexit deal on Tuesday, apparently under the assumption that she would lose it anyway. But as a vote of no-confidence has seemed close before, investors might practice caution, explaining the relatively muted slide in sterling that nevertheless hit its lowest level since April 2017. The pound last bought $1.2537, down 0.3%, but up from its session low of $1.2493. The euro spiked to £0.9064, but since came down to an unchanged level of £0.9028.
Asian markets closed mixed on Tuesday following Monday’s wild ride in US equities. Indices in the EU were up an average 1.75% in early Tuesday. The trade news from China helped lift US indices in early Tuesday trading.
Investing.com - The U.S. dollar slid lower against a currency basket on Tuesday while the pound found some support after a steep selloff in the previous session in the wake of a shock decision by British Prime Minister Theresa May to delay a key vote on Brexit.
Theresa May is meeting with top EU leaders today to try to tweak the Brexit deal and make it more palatable for members of parliament. Yahoo Finance’s Alexis Christoforous, Editor-in-Chief Andy Serwer and Alanna Petroff examine the details.