Sterling rises on Brexit optimism, U.S. dollar gains
Kathryn Garvey | November 25, 2019
Monday: Oct. Chicago Fed National Activity Index, Nov. Dallas Fed manufacturing Activity, Germany’s IFO Business Climate
Tuesday: U.S. New Homes Sales
Wednesday: U.S. Jobless Claims, U.S. Durable Goods Orders
Thursday: Japanese Industrial Production
Friday: GE Unemployment
November 25, 2019
EUR/USD 1.1018 GBP/USD 1.2890 USD/CAD 1.3298 AUD/USD 0.6780 USD/JPY 108.82 USD/CNH 7.0311 USD/ILS 3.4674 USD/MXN 19.3980 USD/CHF 0.9962 USD/INR 71.7325
USDThe dollar is slightly higher versus most G-10 currencies on positive U.S.-China trade news. China’s agreement to increase IP infringement penalties is seen as a breakthrough in the trade talks. Fed Chairman Powell is due to speak later today.GBPThe pound rose higher for the first time in five sessions after PM Johnson presented a Conservative Party manifesto. The manifesto outlined key policies including delivering Brexit before the January 31st deadline, establishing free trade with the EU and looser fiscal rules. Opinion polls showed the Conservative Party leading ahead of December 12th elections.EURThe euro slid slightly as investors remain cautious about the outlook of the near-term Eurozone economy. As expected, German business expectations improved slightly in November.CADThe loonie gave back some early gains on dollar strength. Wholesale Sales rose 1% versus no change expected following last month’s 1.2% decrease.ASIA/PACIFIC
The Japanese yen slid to one week lows versus the dollar after trade optimism boosted the U.S. currency.
In Hong Kong, pro-democracy candidates won 86% of the seats in local elections. Pro-government seats only won 12% versus 65% four years ago.