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On Monday, the major American currency went down versus its counterparts, suppressed by a stronger UK pound in the wake of upbeat comments on a Brexit deal from the European bloc’s key negotiator Michel Barnier.
Gauging the greenback’s purchasing power versus a pack of its primary rivals the USD index inched down by 0.34% being worth 95.06.
The UK currency reached a five-week maximum versus the US dollar because Barnier stoked investor expectations of Great Britian clinching a Brexit deal, right after he told that it was quite real to achieve a deal within a time frame of 6-8 weeks.
It comes in the face of reports that the European Union is ready to provide Barnier with a mandate to offer concessions for the purpose of striking a deal with the United Kingdom. Eventually, Great Britain is slated to escape from the European Union even in less than seven months. To be exact, it should take place on March 29, next year.
The currency pair GBP/USD managed to gain by 0.85% hitting $1.3026.
Market experts warned that the UK currency has been extremely susceptible to Brexit-related headlines recently and also sudden profits can soon be retraced if there’s no further confirmation.
The currency pair EUR/USD jumped by 0.41% ending up with $1.1600.
The evergreen buck also lost its footing versus the Canadian dollar having sagged from session peaks, although weakness in crude kept profits in the crude-price-sensitive Canadian dollar in check.
The currency pair USD/CAD went down by about 0.05% hitting C$1.3160 from a session maximum of C$1.3198.
The currency pair USD/JPY inched up by up to 0.08% trading at Y111.12. As for AUD/USD, it managed to rally by 0.110% being worth $0.7112.
Additionally, the USD/TRY proceeded with its dive versus the US currency.
Reportedly, the ECB is analyzing the possibility of the change of the current inflation target of "below but close to 2%". It weakened the EUR
What is important today?
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In July, Britain's inflation rate rallied for the first time in 2018, thus leaving many UK households feeling quite squeezed by prices, soaring at nearly the same tempo as their wages…
On Friday, the evergreen buck rallied versus its counterparts after data disclosed that the American economy generated more jobs than anticipated In October, thus backing the Fed’s case to proceed with gradual rate lifts…
On Tuesday, gold rallied because uncertainty over the latest developments in Britain’s departure from the EU backed safe haven demand and traders looked ahead for American inflation data to underpin the Fed’s pledge to remain on hold…
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