Dollar Trading Mixed After Thanksgiving Holiday
November 23 2018 - 8:13AM
RTTF2
The dollar is turning in a mixed performance against its major
rivals Friday afternoon. Trading activity has been rather subdued
following yesterday's Thanksgiving Day holiday. However, the buck
is gaining ground against its major European rivals ahead of
Sunday's Brexit summit.
The U.K. and the European Union have agreed on a draft agreement
on their future relationship ahead of the EU summit on Sunday.
The draft declaration envisages to have "a trading relationship
on goods that is as close as possible" following Brexit.
The declaration stated that the UK and EU "agree to develop an
ambitious, wide-ranging and balanced economic partnership."
The draft statement outlines the structure for the future
U.K.-E.U. relationship, which will be fully negotiated after the
Britain formally leaves on March 29, 2019.
However, Spain has threatened to veto the Brexit withdrawal
agreement if no changes are made over Gibraltar.
The dollar has climbed to around $1.1330 against the Euro Friday
afternoon, from an early low of $1.1421.
Eurozone private sector grew at the slowest pace in nearly four
years in November, with slower expansions in both manufacturing and
services, flash estimates from IHS Markit showed on Friday. The
composite purchasing managers' index, or PMI, which combines
manufacturing and services, fell to 52.4 from 53.1 in October.
Economists had expected a score of 53.
Germany's private sector growth slowed more-than-expected in
November to its lowest level in almost four years, survey data from
IHS Markit showed on Friday. The composite purchasing managers'
index, or PMI, which combines manufacturing and services, dropped
to 52.2 from 53.4 in October. Economists had forecast a score of
53.1.
Germany's economy shrunk for the first time since early 2015 and
at the fastest pace in nearly six years, mainly due to weak exports
and car sales, latest figures from the Federal Statistical Office
confirmed on Friday. Gross domestic product declined a seasonally
and calendar-adjusted 0.2 percent quarter-on-quarter in the three
months to September, after expanding 0.5 percent in the second
quarter.
France's private sector growth slowed less-than-expected in
November at the slowest pace in two months, survey data from IHS
Markit showed on Friday. The composite Purchasing Managers' Index,
or PMI, which combines manufacturing and services, fell to 54 from
54.1 in October. Economists had expected a reading of 53.9.
France's manufacturing confidence increase in November after
easing in the previous two months, figures from the statistical
office INSEE showed on Thursday. The manufacturing confidence index
rose to 105 from 104 in October. Economists had expected the
reading to remain unchanged.
The buck has risen to around $1.2810 against the pound sterling
Friday afternoon, from an early low of $1.2882.
The greenback has retreated to around Y112.835 against the
Japanese Yen this afternoon, from an early high of Y113.010.
Overall nationwide consumer prices in Japan were up 1.4 percent
on year in October, the Ministry of Internal Affairs and
Communications said on Thursday. That was in line with expectations
and up from 1.2 percent in September.
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