|Day's Range||1.298 - 1.301|
|52 Week Range||1.2663 - 1.4377|
Investing.com – The dollar continued to give up gains against its rivals Wednesday following subdued inflation data and a rise in sterling after UK Prime Minister Theresa May secured support from her Cabinet for a draft Brexit deal.
British Prime Minister Theresa May wins approval of her Brexit plan from parliament, but a hard-fought battle—and market volatility—lies ahead.
The British pound traded higher Wednesday after Prime Minister Theresa May said her cabinet had approved a draft EU withdrawal agreement.
The British pound rose on Wednesday against its main rivals in up-and-down action, after U.K. Prime Minister Theresa May said she won her cabinet's backing for an orderly withdrawal from the European Union, setting the stage for further votes on Britain's exit from the European Union. "This is a decision which is in the best interest our entire United Kingdom," May said, after a five-hour meeting at 10 Downing St. "The collective decision of the cabinet was that the government should support the draft withdrawal agreement," May said. The pound was trading at $1.2995 against the dollar, versus $1.2969 late Tuesday. The sterling had traded as low as $1.2869 earlier in the session, before rising above $1.3030. The draft will head to an EU summit meeting later this month, where a tougher vote on Parliament will proceed. Irish Prime Minister Leo Varadkar said the meeting could be as soon as Nov. 25.
U.K. stocks surrendered early gains Wednesday, finishing in the red as worries that Prime Minister Theresa May and the Conservative Party would not hash out a Brexit deal in time grew. European Union and U.K. negotiators reached a draft Brexit deal in Brussels on Tuesday that May was due to put to her cabinet Wednesday afternoon. A final deal must be reached by March 29, when the U.K. is due to leave the trading bloc, but May’s cabinet has to approve any proposal, which must then be ratified by the British Parliament.
Investing.com - The dollar pared back earlier gains on Wednesday after inflation data supported the Federal Reserve increasing rates at a gradual pace.The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, fell 0.27% to 96.88 as of 11:15 AM ET (16:15 GMT).Data on Wednesday showed that the annual core consumer price index (CPI) rose 2.1%, which was less than expected.Core prices are viewed by the Federal Reserve as a better gauge of longer-term inflationary pressure because they exclude the volatile food and energy categories. ...
The pound whipsawed amid confusion around whether U.K. Prime Minister Theresa May would deliver a statement Wednesday to the news media, following a cabinet meeting where she presented a draft Brexit agreement. According to recent reports, May is still expected to deliver a statement. The pound fell 0.2% against the greenback, buying $1.294 on Wednesday. The currency was buoyed on Tuesday by talk of a draft deal that would resolve the border issue in Northern Ireland, a sticking point in Brexit negotiations.
The British pound fell during most of the session on Wednesday but did find a certain amount of support at the 1.29 level to turn things around and show signs of life again. However, this market continues to show significant volatility and sensitivity to random headlines.
Investing.com - The dollar dipped against a currency basket on Wednesday, while the pound slipped back below the 1.30 level ahead of a key UK cabinet meeting to debate the draft agreement on Brexit hammered out after more than a year of talks.
Investing.com - The yuan was flat on Wednesday after China reported a mixed economic report card for October. The dollar was unchanged as traders awaited Federal Reserve chairman Jerome Powell’s speech later in the day.
While inflation figures out of the UK and U.S and 3rd quarter GDP numbers out of Germany will be in Focus, it could all come down to Brexit and Italy.
Investing.com – The dollar eased against its rivals Tuesday, amid a surge in sterling after the European Union and Britain agreed a draft text of a Brexit withdrawal agreement, though doubts lingered about whether the U.K. parliament would back the deal.
European rivals of the U.S. dollar rebound Tuesday from their sharp selloff at the start of the week, as Brexit hopes support Britain’s pound though the infighting in London continues.
U.K. stocks struggle for gains and end the session little changed on Tuesday, trailing a stronger performance by European markets as investors grapple with a strong British pound triggered by hopes for a Brexit deal.
Given the EURUSD’s extended downturn beneath 1.1300-1.1285 support-area, comprising 200-week SMA, the pair is likely to avail the 1.1120 and the 1.1020 rest-points prior to meeting the 1.1000 round-figure. In case the pair continue trading southwards past-1.1000, the 1.0835-25 and the 1.0770 may entertain the Bears. Alternatively, a D1 close beyond 1.1300 can trigger the pair’s recovery targeting the 1.1360 and the 1.1430 immediate barriers ahead of confronting the 1.1500-1.1510 resistance-area. During the pair’s successful rise above 1.1510, the 1.1580 and the 1. ...
The British pound rallied during the day on Tuesday, filling the gap from the open of the week. However, we are starting to rollover from that area so one would expect to see sellers come back into the market.
The British pound extended its gains on Tuesday as U.K. and European Union officials found an agreement to avoid a so-called hard border between Northern Ireland and the Republic of Ireland, according to Ireland's national radio and television broadcaster RTE. The report said negotiations regarding the border had concluded. Earlier, Bloomberg reported that a deal on the so-called backstop could be reached within the day. The border debate has long been one of the most controversial issues hamstringing the negotiations between the U.K. and the European Union. Sterling extended its rally and climbed to $1.3005 on the back of the report, versus $1.2851 late Monday in New York. The euro-sterling pair weakened 0.7% to £0.8672. The U.K.'s main stock benchmark, the FTSE 100 was flat at 7050.95 following the report, while the yield for the 10-year British government bond was up 6.9 basis points to 1.510%, according to Tradeweb data.
The British pound strengthened against the U.S. dollar and the euro on Tuesday following a Bloomberg report saying the U.K. cabinet expected a Brexit backstop text to be completed within the day. The backstop refers politicians trying to avoid a hard border between Northern Ireland and the Republic of Ireland. The border debate has long been one of the most controversial issues hamstringing the negotiations between the U.K. and the European Union. Should a text on the backstop be completed today, cabinet would approve it Wednesday or Thursday this week, according to the report. Sterling rallied sharply to $1.2973, versus $1.2851 late Monday in New York, while the euro-sterling pair weakened 0.5% to £0.8685.
Investing.com - The dollar was trading near the highest levels of the year on Tuesday, amid expectations for higher U.S. interest rates, while the pound rebounded from one-and-a-half week lows despite ongoing Brexit uncertainty.
Investing.com - The yuan inched up against the dollar on Tuesday following reports that U.S. Treasury Secretary Steven Mnuchin had resumed talks with China Vice Premier Liu He.
Economic data is likely to have a relatively muted impact on the majors through the day, with heightened geo-political risk to drive the EUR and the GBP.
U.K. stocks on Monday kick off the week on a downbeat note, as shares of British American Tobacco finish the day nearly 12% lower on reports of increased regulation by the FDA.
Investing.com - The dollar's strength is slowly and surely constricting gold, and it may just be days before bullion's $1,200 support is broken. In Monday's session, worries over Brexit negotiations dealt a fresh blow to the sterling, pushing up the greenback. The dollar index, which measures the greenback against a basket of six currencies, rose 0.7%.
Investing.com - The dollar hit 17-month highs against its rivals Monday, led by a decline in sterling after the UK Prime Minister's spokesperson denied a report claiming the main elements of a Brexit deal could be presented to the UK as soon as Tuesday.