GBP/USD finds a support
During the conference in Hague, German Chancellor Angela Merkel said that the EU would find a backstop solution by October 31 (Brexit deadline).
Common currency reaches 2-month minimum
On Wednesday, the common currency headed south to the lowest value for two months following downbeat euro zone economic data, thus backing the evergreen buck versus a currency basket.
The currency pair EUR/USD slipped by 0.5% hitting 1.1414, which is the weakest result since August 20.
The common currency also dived versus the Japanese yen. The currency pair EUR/JPY lost 0.51% trading at 128.33.
The common currency extended losses after data disclosing that in October euro zone private sector activity soared at the slowest tempo for more than two years because an export-led deceleration widened out to the service sector.
The given data actually highlighted worries over the economic influence of levies as well as trade conflicts.
Italy was still in focus a day after the EU took the shocking step of rejecting Italy’s 2019 draft budget, giving the country’s cabinet three weeks to have a revised budget plan resubmitted.
Estimating the greenback’s purchasing potential against a number of its crucial counterparts the USD index rallied by 0.37% being worth 96.07.
The evergreen buck was virtually intact versus the Japanese yen. The currency pair USD/JPY hit 112.46.
The Federal Reserve has lifted interest rates up to three times in 2018 because the American economy has kept strengthening. As for the fourth rate lift, it’s expected to occur in December.
Aside from that, the UK pound approached a three-week minimum. The currency pair GBP/USD slumped by 0.41% being worth 1.2929.
The UK pound was still under pressure because Brexit negotiations were still stalled with just over five months until the United Kingdom is scheduled to abandon the European bloc and UK Prime Minister Theresa May experiencing heavy political criticism over her Brexit strategy.
Besides this, the Canadian dollar stood still against its American rival. The currency pair USD/CAD showed 1.3096.
Similar
Bitcoin falls below the $10,000 level
The digital asset could not stick above the 50-day SMA for a long time.
Is there a chance for the NZD?
New Zealand is going to release the level of quarterly retail sales on August 23, at 1:45 MT time.
Latest news
Crypto assets decline as OECD demands global ICO regulation
On Monday, crypto assets tumbled due to the fact that the Organization for Economic Cooperation and Development drew attention to the necessity of the global regulation of initial coin offerings…
German exporters don’t care about stronger euro
German exporters demonstrate ascending optimism as for their business prospects because growing demand from other euro zone countries helps to compensate worries regarding the strengthening currency, as the Ifo economic institute told on Wednesday…
Japan's October machinery orders tack on
In October, Japanese machinery orders rebounded with a faster soar than anticipated, thus re-affirming the resilience of capital spending, which is a major driver in the Japanese economy's almost two-year expansion…
Deposit with your local payment systems
