🤯 Have you seen our AI stock pickers’ 2024 results? 84.62%! Grab November’s list now.Pick Stocks with AI

Forex- U.S. Dollar Dips Before Fed Meeting; Pound Rises

Published 10/28/2019, 10:46 AM
Updated 10/28/2019, 10:47 AM
© Reuters.
EUR/USD
-
GBP/USD
-
USD/JPY
-
DX
-

Investing.com - The U.S. dollar fell slightly on Monday ahead of an anticipated Federal Reserve rate cut later this week, while a Brexit extension helped lift the pound.

The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was down 0.1% to 97.558 as of 10:46 AM ET (13:46 GMT). The Fed is expected to cut rates for the third time this year when it meets on Wednesday, but investors are waiting for comments at a central bank press conference to find out if policymakers will continue to ease monetary policy.

The Bank of Japan is also expected to meet this week, with its monetary decision being closed watched on Thursday as it faces fallout uncertainty from the U.S.-China trade war. The safe-haven Japanese yen was lower with USD/JPY rising 0.3% to 108.90.

Elsewhere, sterling was higher after European Union Council President Donald Tusk confirmed via Twitter on Monday that the EU has agreed to extend the deadline for Brexit until Jan. 31, 2020, in line with the request from the U.K. government earlier this month.

GBP/USD rose 0.3% to 1.2858 while EUR/USD was up 0.1% to 1.1091.

The agreement is likely to include an earlier exit if a withdrawal agreement is agreed to by the U.K. before, according to various reports.

The U.K. Parliament is scheduled to vote later Monday on whether or not to hold a general election before Christmas in a bid to try to ratify the withdrawal agreement agreed by the EU with Prime Minister Boris Johnson.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.