Commodity News
HeadLine : Sterling sparkles after election poll, yuan up on trade deal reports
Date : Dec 13 2019
The Chinese yuan rose in offshore trade and the Japanese yen fell after a source told Reuters that the United States and China have agreed some tariff reductions and a delay on tariffs set to go effect on Dec. 15. The early results suggest the election will relieve almost four years of uncertainty about when Brexit would take place, which should be supportive of the pound. The pound plunged more than 10% in the immediate aftermath of Britain's vote to leave the European Union in June 2016, while $2 trillion was wiped off world markets.The exit poll, which suggested UK Prime Minister Boris Johnson would get a majority of 86 - the largest of any Conservative leader since Margaret Thatcher won in the 1980s - should empower him to deliver Brexit on Jan. 31. The dollar index (DXY) against a basket of six major currencies fell 0.35% to 96.736, approaching the lowest since July this year.

Source : Reuters
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