Brexit hopes keep sterling, euro bid; dollar bulls take a breather
Wednesday, 14 November 2018 16:20 WIB | CURRENCIES |DOLLARDolar Yen EuroAussiepoundSterling,Poundsterling

The euro and sterling climbed higher on Wednesday as investor confidence rose on news Britain had struck a draft divorce deal with the European Union after more than a year of talks.

The rise in the euro and sterling led investors to take profits on the U.S. dollar, which has retraced from a 16-month high.

The dollar index, a gauge of its value versus six major peers, traded at 97.05 on Wednesday, down 0.26 percent. The index hit a 16-month high of 97.69 on Monday.

The sell-off in the dollar has been due to the improved risk sentiment around a potential Brexit deal and not because of any deterioration in the fundamentals of the U.S. economy.

The British pound traded at $1.3009 on Wednesday, gaining 0.3 percent as traders reduced bearish bets after Britain and the European Union agreed a preliminary text that would allow the United Kingdom to leave the EU with a deal that avoids a chaotic œhard Brexit departure.

Riding on the positive sentiment around a potentially orderly Brexit deal, the euro gained 0.1 percent to trade at $1.1301 on Wednesday.However, the gain was limited by concerns about Italy™s budget proposals and downbeat German investor confidence data, traders said.

The single currency lost 0.18 percent versus the pound to trade at 0.8687. The euro hit a 6-1/2 month low versus sterling of 0.8653 on Tuesday.

The dollar gained 0.11 percent versus the yen on Wednesday to trade at 113.93. The yen touched a six-week low of 114.20 on Monday.

The Australian dollar changed hands at $0.7224, gaining 0.12 percent versus the greenback.

Source: Reuters

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