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Home / Business / Dollar stays ahead of Retail Sales; Pound Dips on Brexit Jitters by Investing.com

Dollar stays ahead of Retail Sales; Pound Dips on Brexit Jitters by Investing.com



© Reuters.

Investing.com – The US dollar was little changed early in European hours on Monday when investors looked forward to the latest US retail report for further hints on the strength of the economy.

The one who measures the strength of the greenback against a basket of six major currencies, held at 97.29 at 4:30 ET (08:30 GMT). The index rose to 97.66 last Thursday, its best level since December 14 last year.

Against the dollar, a tad was higher at 1

11.25, bouncing off the previous session's week low of 110.77.

Financial reports will remain in focus, after Friday's data showed that US job growth almost stopped in February, with the world's top economy creating a measly 20,000 jobs, far fewer than analysts expected.

But traders found some hope in figures showing the US employment rate dropped below 4% and average hourly wage growth accelerated by 0.4%.

The trade department will release data for January at 08:30 at. 12:30 GMT.

Elsewhere, it was down 0.1% to $ 1,2998 after short diving to a close three week low of $ 1.2960 on nervousness over Brexit.

Sterling has come under renewed pressure after British Foreign Minister Jeremy Hunt said Sunday Brexit could be reversed if legislators reject government agreement. 19659004] His rema rks followed a warning from two major Euroseptic factions in parliament that Prime Minister Theresa May was likely to face major defeats by a parliamentary vote on Tuesday approving her Brexit plan.

Mays government distorts – so far unsuccessfully – to secure last-minute changes to an EU exit treaty before the vote, which comes less than three weeks before the UK is ready to leave the EU on 29 March.

Masafumi Yamamoto, State President of Mizuho Securities, said traders are trimming sterling holdings as inflation expectations from the Bank of England are reduced, making the currency more sensitive to long-term events, such as parliamentary voting.

"Today, Britain's inflation data is not as strong as before," he said. "The expectation of frequency hikes after the conception of non-agreement Brexit is fading away."

Meanwhile, there was a shade higher at $ 1.11245. only currency had gone to its weakest level since late June 2017 on Thursday, damaged by false signals from the European Central Bank (ECB).

– Reuters contributed to this report

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