Forex – Dollar Higher as Sterling Slumps on Brexit Woes

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Investing.com – The dollar rose against its rivals on Friday, as investors reined in appetite for emerging-market currencies, while the pound racked up losses as the UK and EU reached an “impasse,” on a post-Brexit deal.

The U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, rose by 0.40% to 93.84.

UK Prime Minister Theresa May criticized the EU for rejecting her post-Brexit plans, citing it “unacceptable,” particularly as the bloc failed to put forward alternative proposals.

May further claimed that the UK and EU were at an “impasse,” denting optimism for a post-Brexit deal agreement following recent reports that the EU were set to adopt a warmer approach to Brexit talks.

GBP/USD fell 1.41% to $1.3075, eroding most of the week’s gain as the pair looks set to end the week roughly flat.

The dollar was also supported by profit-taking on emerging-market currencies like the South African rand and Turkish lira, both of which have enjoyed sharp gains on the back of improving sentiment in developing economies.

Read more at : https://www.investing.com/news/forex-news/forex–dollar-higher-as-sterling-slumps-on-brexit-woes-1619577

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