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Pound gains on dollar on Thursday

Published 12/01/2016, 04:23 PM
Updated 12/01/2016, 04:33 PM
Oil production deal impacts forex.

Investing.com -- The dollar dropped on Thursday against the pound as higher oil prices received greater weight for investors than positive U.S. economic data. TheEUR/USD was up 0.65%, and closed at 1.0657. The GBP/USD was up 0.66% to 1.2589. The USD/JPYwas down 0.34%, and closed at 114.10.

The Wall Street Journal's Dollar Index, a measure of the U.S. currency against 16 others, was recently down 0.1%, to 91.86. The index pared some losses after a strong U.S. manufacturing report.

The resurgent British pound soared to its highest level since October after a workout for access to the European Union’s trade market for U.K. companies, post-Brexit, gained traction. The pound was recently up 1%, to $1.263.

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