x
Breaking News
0

Forex - Dollar Rises, GBP/USD Soars as Britain Reportedly Agrees EU Brexit Bill

ForexNov 28, 2017 01:24PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 

Investing.com – The dollar rose against a basket of major currencies on mostly upbeat economic data while comments from Fed chair designate Jerome Powell lifted sentiment on the greenback.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, traded rose 0.31% to 92.86.

The Conference Board’s consumer confidence gauge rose to 129.5 in November from 126.2. in October, beating economists’ forecast for a reading of 124.

The upbeat consumer confidence came just hours after a pair of mixed on goods trade data and wholesale inventories.

The Commerce Department said on Tuesday the goods trade gap widened 6.5% to $68.3 billion in October amid an increase in imports of industrial supplies, consumer and other goods.

Wholesale inventories fell 0.4% in October after rising 0.1% in September, the Commerce Department reported on Tuesday.

Traders shifted focus to Fed chair designate Jerome Powell’s confirmation hearing, in which he said that the Fed expects interest rates to rise “somewhat further” and the size of its balance sheet to gradually shrink.

Powell’s comments did little to change the widely held view that the incoming Fed chair will adopt a similar stance to outgoing Fed Chair Janet Yellen on monetary policy.

Also supporting an uptick in the dollar was euro weakness amid a slew of economic data that undershot expectations.

EUR/USD fell 0.26% to $1.1867, while EUR/GBP fell 0.67% to £0.8872.

GBP/USD surged 0.32% to $1.3361 on reports that Britain has agreed a deal with EU negotiators over the so-called Brexit bill for leaving the EU.

USD/JPY rose 0.14% to Y111.40, while USD/CAD rose 0.31% to C$1.2810.

Forex - Dollar Rises, GBP/USD Soars as Britain Reportedly Agrees EU Brexit Bill
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

 
Are you sure you want to delete this chart?
 
Write your thoughts here
 
Replace the attached chart with a new chart ?
Post
Post also to:
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
 
Replace the attached chart with a new chart ?
Post 1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email