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Commodity News |
HeadLine : |
Upbeat U.S. Data Can't Help Dollar as Sterling Reigns Supreme |
Date : |
Jan 18 2019 |
The U.S. dollar little changed Thursday as mostly upbeat economic data was offset by strong rise in sterling on bets the U.K. will avoid leaving the EU without a trade deal. The U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, rose by 0.08% to 95.76. As U.K. Prime Minister Theresa May seeks cross-party consensus on a Brexit deal after her government won a vote of confidence on Wednesday, traders continue to bet on the UK securing a withdrawal deal, pushing the pound higher against the greenback. The way forward on Brexit, however, is paved with uncertainty as Labor leader, Jeremy Corbyn, has refused to enter cross-party talks demanding May rule out a no-deal Brexit. That is a demand which May has stressed is “impossible.” The pound's strength kept a lid on gains in the greenback even as a key manufacturing report and labor data topped economists’ estimates. The Philadelphia Fed said Thursday its manufacturing index rose to a reading of 17 in January from a revised 9.1 last month. The U.S. Department of Labor reported Thursday that initial jobless claims dropped by 3,000 to a seasonally adjusted 213,000, beating economists’ forecast for a drop to 216,000.
Source: Investing.com
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