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Forex - U.S. Dollar Rallies; Sterling Slumps on Brexit Worries

Published 09/21/2018, 11:47 AM
© Reuters. The U.S. dollar rallied on Friday.
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Investing.com - The U.S. dollar rallied against other currencies on Friday, while the pound continued to fall amid Brexit woes.

The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, rose 0.40% to 93.84 as of 11:46 AM ET (15:46 GMT).

Earlier in the week China said it will impose new tariffs on U.S. goods worth $60 billion, effective Sept. 24. The new tariffs are in response to U.S. tariffs on Monday of 10% on $200 billion in Chinese goods, which will go up to 25% at the end of the year.

Elsewhere, the dollar rose against the safe-haven yen, with USD/JPY up 0.11% to 112.60 despite Japan’s inflation data coming in at an unexpected seven-month high.

Sterling fell to an intraday low after Prime Minister Theresa May said that the UK and European Union were at an impasse in Brexit negotiations, bringing fresh fears of a no-deal Brexit. May said talks stalled after the EU rejected the UK’s proposals without offering an alternative.

EU countries and the UK Parliament must approve any agreement prior to the March 29 official exit date.

GBP/USD fell 1.43% to 1.3071.

EUR/USD dipped 0.29% to 1.1742 due to a higher dollar and data that showed the eurozone manufacturing PMI came in lower than expected.

The Australian dollar was lower, with AUD/USD down 0.16% to 0.7280. Meanwhile NZD/USD jumped 1.04% to 0.6679 after Moody's reaffirmed the country’s AAA rating.

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