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Dollar Sees Another Subdued Session

Dollar Sees Another Subdued Session

The U.S. dollar recovered after early weakness on Monday, but struggled move any significantly up in positive territory amid rising prospects for interest rate cuts by the Federal Reserve.

Optimism about Brexit saw British currency sterling rise to a near six-month high. The euro too stayed firm on hopes the Brexit deal would eventually get through.

The dollar index, which dropped to 97.16 early on in the session, rallied to 97.40 a little before noon, and was last seen at 97.32, up marginally from previous close.

Against the euro, the dollar was at 1.1151, down nearly 0.2%, compared to previous close of 1.1170.

The sterling strengthened to $1.3013 in early trades Monday, but retreated to $1.2958 later in the session.

The dollar was trading at 108.61 yen, up 0.18% from previous close of 108.41 yen.

Against the Aussie, the dollar was down 0.16% with the AUD-USD pair at 0.6867, and against the loonie, it was down 0.3% at 1.3087.

The Swiss franc was down marginally against the dollar, with the pair quoting at 0.9858.

In U.S.-China trade news, U.S. President Donald Trump said last Friday he thought a U.S.-Sino trade deal would be signed by the time the Asia-Pacific Economic Cooperation meetings take place in Chile on Nov. 16 and 17.

Earlier today, Trump told reporters at the White House that the trade deal is coming along great.

At the cabinet meeting Trump said that issues in phase two of the deal would be a lot easier to work out than those in phase one.

Separately, Chinese Vice Premier Liu He said that China would work with the United States to address each other’s core concerns on the basis of equality and mutual respect.

The material has been provided by InstaForex Company – www.instaforex.com