Dollar nurses loses; pounds fate tied to EU summit
Thursday, 17 October 2019 08:36 WIB | CURRENCIES |pound EuroDOLLAR

The dollar found support on Thursday having weakened on lacklustre U.S. retail data, while the volatile pound was on edge as Britain and the European Union scrambled to secure a last-minute Brexit deal.

Sterling swung about a five-month high overnight, knocked around by a series of mixed headlines on the likelihood of progress at an EU leaders summit in Brussels later on Thursday.

It has surged some 5% since last week as negotiations stepped up, and sat in early Asian hours at $1.2816 per pound. The dollar was steady against most major currencies.

Against the Euro the pound also stood just under a five-month high at 0.8638 per euro.

The U.S. dollar had dropped on Wednesday as U.S. retail sales fell for the first time in seven months, painting a gloomy picture of the economy and making a case for rate cuts.

It was a touch weaker against the Euro at $1.1074 and the Japanese Yen at 108.69, but slightly stronger against the Australian and New Zealand dollars. Against a basket of currencies the dollar hit a month low of 97.898 overnight and was steady around that level on Thursday.

Source : Reuters

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