Dollar Recovers, Firms Up Against Most Of Its Peers
The U.S. rebounded from recent losses and firmed up against most of its peers on Friday amid uncertainty over a post-Brexit trade deal, and a lack of positive progress in stimulus talks.
A report released by the Conference Board showed its index of leading U.S. economic indicators increased by slightly more than expected in the month of November.
The Conference Board said its leading economic index rose by 0.6 percent in November after climbing by 0.8 percent in October. Economists had expected the index to increase by 0.5 percent.
The dollar index, which rose to 90.13 around late morning, pared some gains subsequently and was last seen at 89.96, up 0.15% from previous close.
Against the Euro, the dollar was up 0.11% at 1.2256, paring some gains after firming up to $1.2226. The euro area current account surplus rose to EUR 27 billion in October from EUR 25 billion in the previous month, driven by trade in goods and services, data from the European Central Bank showed.
The Pound Sterling was fetching $1.3474 a unit, the dollar firmed up to 1.3474 before paring some gains. The Pound weakened as the U.K. and the European Union expressed pessimism over talks to strike a post-Brexit trade deal.
The Yen was down 0.2% at 103.31 a dollar. The Bank of Japan left its interest rate unchanged and extended the timeframe for corporate funding program by six months due to concerns about an economic downturn caused by the pandemic.
The bank also removed upper limit of JPY 100 billion on funds provided to eligible counterparty against loans that financial institutions make on their own, and retained the interest rate at -0.1%.
Against the Aussie, the dollar pared gains after a notable advance early on in the day. The AUD-USD pair was last seen flat at 0.7622, after trading at 0.7583 at one stage.
The Swiss franc was firmer against the dollar, at CHF 0.8831, up 0.16% from Thursday’s close, while the Loonie was down 0.5% at C$1.2783 a dollar.
The material has been provided by InstaForex Company – www.instaforex.com