Forex – Dollar Retreats From 2-Week Highs as GBP/USD Rebounds



Investing.com – The dollar retreated from a two-week high against its rivals Friday, pressured by a rebound in the pound from an 11-day low.

The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, fell by 0.01% to 94.56, after hitting a two-week high of 95.00.

rebounded from an 11-day low of $1.3103 to $1.3213, after U.S. President Donald Trump walked back his criticism of British Prime Minister Theresa May, and claimed a U.K.-U.S. trade deal was still possible.

That eased investor fears that Britain would struggle to secure a trade deal with the United States as Trump had reportedly told the Sun newspaper on Thursday that May’s Brexit plan may “kill” Britain’s chances of such a deal.

Elsewhere, China’s trade surplus with the U.S. hit a record of nearly $29 billion, raising the risk of deepening its trade-related rift with the United States.

That, however, failed to trigger significant demand for safe-haven yen and Swiss franc as the latter fell modestly against the greenback.

fell 0.07% to Y112.44, while rose 0.03% to 1.0027.

The Federal Reserve’s release of a monetary policy report to Congress in advance of Fed chairman Powell’s testimony before the Senate due Tuesday, also had a muted impact on the dollar.

The Fed gave a positive assessment of the U.S. economy, insisting that strong labor markets and inflation would support the central bank’s plan to continue with gradual rate hikes.

fell 0.02% to $1.1669, while the rose 0.11% to C$1.3169, as gains in the latter pair were limited by rising oil prices – a boon for the loonie.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Comments

comments