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USD Down on Dismal data
The US dollar was heavily lower over the European morning session today as equity prices jumped on fresh hopes around a Brexit deal which has also seen GBP rallying, weighing on USD.
USD index trades 97.43 last as price continues to sell off following weak domestic retail sales data yesterday which came in negative, marking its lowest reading of the last seven months. US rate cut expectations for October are now increasing, keeping USD pressured.
GBP Surges On Brexit Deal
GBPUSD has been sharply higher today on news that UK and EU leaders have agreed to a Brexit deal. While the terms of the deal have yet to be approved by the EU, which will decide on the deal at today’s summit, as well as the UK parliament, the market is clearly hopeful that a deal will pass. GBPUSD trades 1.2891 last having broken above the 61.8% retracement from 2019 highs.
EUR Breaks Above 1.11
EURUSD has been higher today also, taking advantage of a weaker USD while also boosted by hopes of...
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