The British pound sunk to a seven-week low on Monday after the UK Prime Minister Theresa May shed light on the official Brexit date. The US dollar showed small gains amid the reducing fears of the Deutsche Bank financial health, supported by positive expectations of the NFP this week.
The British Prime Minister Theresa May said that the UK would begin the process of exit from the EU at the end of March 2017. The woman also stated at the annual conference of the Conservative Party on Tuesday that Brexit intends to pursue the process and accomplish the “right deal”.
The pound fell 0.86% to $1.2867, which is an all-time low. The bearish pressure increased together with the uncertainty related to the official breakup of the EU.
The risk appetite recovered on the news that the Deutsche Bank (DE: DBKGn) is trying to negotiate a lower fine with the Ministry of Justice of the United States than initially given. There have been no official comments from the bank.
The Euro ranges in 1.1230-1.1240 band surging after the downbeat data from the US on personal spending. The projections were missed rather severely.
The Dollar index rose by 0.1 percent to 95.541, retreating from more than one-week high at 95.960 points. USD/JPY trades nearly flat, recoiling from last week’s low at 100.085 yen, lowest since 26 August.
Crude prices ticked higher, supported by the Algiers deal to freeze output at the August production level at 32.5M barrel with Brent benchmark sticking above psychologically important level of $50/b. Gold futures for December delivery gain 0.20% after plunging to a two-week low of 1,314.75.Publication source