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Pound's Slump Keeps up Dollar's Hopes of Ending Losing Streak


Thursday, 27 February 2020 08:02 WIB

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The U.S. dollar remained tentatively on track to snap a four-day losing streak Wednesday, underpinned by sharp gains against the pound on fears of rocky EU-U.K. trade talks ahead.

The U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, rose by 0.11% to 98.92.

Ahead of U.K. and EU trade talks set for March 2, investors are worried that tough rhetoric from both sides recently suggests negotiations will be anything but smooth.

GBP/USD fell 0.71% to $1.2912 and EUR/USD rose 0.17% to $1.0898.

The advance in the dollar, however, was also stifled by a fall in Treasury yields on reports the spread of the virus worldwide continues to gather pace, with a rise in infections across Europe, the U.S. and the Middle East.

USD/JPY was flat at Y110.27 as safe havens caught a bid as the selling on Wall Street resumed.

USD/CAD rose 0.29% to C$1.3316 as the loonie gave up further gains after oil prices turned negative despite data showing U.S. weekly crude supplies rose less than expected last week.

Source: Investing.com


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