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

0 – 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.

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