Forex – Dollar Drops as Sterling Shines on Brexit-Deal Optimism

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Investing.com – The dollar fell against its rivals Friday as data showed pressures in the U.S. housing market continued last month, while a rise in sterling on positive comments from EU Brexit negotiator Michel Barnier also weighed.

The U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, fell by 0.31% to 95.41.

The Commerce Department showed existing home sales fell 3.4% in September from the prior month to a seasonally adjusted annual rate of 5.15 million units. Economists were expecting a 0.7% decline to 5.3 million homes.

“There is a clear shift in the market,” National Association of Realtors chief economist Lawrence Yun said, noting “homes will take a bit longer to sell compared to the super-heated fast pace seen earlier this year.”

The pound, meanwhile, inflicted further damage on the dollar after EU Brexit negotiator Michel Barnier said a deal with the United Kingdom was 90% complete. But gains were limited on uncertainty over whether the U.K. parliament would ratify any potential Brexit deal amid constant infighting among members of UK Prime Minister Theresa May’s party.

Read more at : https://www.investing.com/news/forex-news/forex–dollar-drops-as-sterling-shines-on-brexitdeal-optimism-1651914

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