The British pound today dropped to new lows against the US dollar after the European Union released a tough draft Brexit withdrawal agreement. The UK Prime Minister rejected the deal saying that no UK leader would ever sign such a one-sided deal with the EU triggering a massive sell-off in the cable.
The euro today traded at new lows against the US dollar after members of European Central Bank issued warnings regarding the euro’s exchange rate. The single currency largely ignored the positive Eurozone inflation data released in the early European session.
The euro today traded lower against the US dollar amid a broad-based greenback recovery for most of today’s session. The single currency was largely unaffected by the positive German employment data released by the Federal Statistical Office.
The euro today declined against the US dollar on the back of positive US macro data including the durable goods orders and the weak MBA mortgage applications data. The euro was weighed down by the political uncertainties in Germany even as Angela Merkel is expected to form a three-way coalition government.
The euro today was largely weaker against the US dollar and the release of positive US MBA Mortgage applications data mid-European session drove the pair lower. Releases from the European docket including the Eurozone industrial production data and employment data could not boost the single currency.
The USD/JPY currency pair today hit new 2-week lows as the US dollar grappled with increased selling pressure and low bond yields. The Japanese yen started gaining against the US dollar late in the Asian session, a trend which continued into the European and American sessions.
