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May 17, 2021

dollar rose as Brexit worries resurfaced

100 dollar

The dollar rose on Friday’s session versus the pound and the Euro as Brexit worries resurfaced while British efforts to secure a deal ahead of a key European Union summit kept investors’ preference to safe-haven currencies.

the U.S Dollar index firmed against the basket of six major currencies on Friday to end the session in the green territory at 95.22.

In economic news, investors will be keeping an eye on key economic data later today from the U.S as the Core Retail Sales for September which measures the change in the total value of sales in the U.S., excluding automobiles, is going to be released today and expectations shows that retail sales will increase by 0.4 percent which is higher than the previous reading of 0.3 percent.

Moreover, the retail sales which measure the change in the total value of sales are expected to show a 0.7 percent increase which is also higher than the previous reading of 0.1 percent.

Over in Europe, The Euro traded lower against the Greenback on Friday’s session, percent to close at 1.1557 EURUSD, pressured by the Brexit deal.

Furthermore, the Great British Pound fell against the U.S Dollar to end Friday’s trading session in the red at 1.3151.

The cable was pressured by the Irish border as negotiators failed to come to an agreement after marathon talks and postponed talks for the coming days.

In terms of Safe-havens, the greenback was flat against the Japanese yen to close the session at 112.16 USDJPY after six sessions of gains agents the dollar as investors switched their positions to safer assets,  on the other hand, the dollar rose against the Swiss Franc to finish the session on positive notes at 0.9913 USDCHF.

The precious metal fell on Friday versus the U.S dollar to close at 1217.68 dollars per ounce after rising above 1222 on Thursday boosted by the rout in global equity markets.

Elsewhere in Canada, the Greenback fell against the loonie to end the session at 1.3021. the loonie found support from rising oil prices which ended Friday’s session at 71.5 USD per barrel.

In Asia, the Aussie fell against the Greenback to close the session in the red at 0.7113. While the Kiwi dollar also dropped against its U.S counterpart to end the session up at 0.6502.

In Cryptocurrencies, Bitcoin and Litecoin rose against the Greenback to finish at 6187 BTCUSD and 51.16 LTCUSD. While Ethereum finished the session lower at 192.5.

Ali Hwary

Ali Hwary

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