Today's Corporate Foreign Exchange Rates
The Daily FX Update provides opening indicative interbank spot exchange rates and relevant market news.
November 16, 2018
November 16, 2018
The US Dollar held steady in cautious trading overseas. Uncertainty over Britain's proposed Brexit deal and simmering tensions between European Union officials and Italian government officials over Italy's recent budget proposals kept currencies in a narrow range. Hopes that Italian Prime Minister Conte was looking to work with EU officials offered some support for the Euro. Currency markets, however, remained focus on Britain's Brexit deal and the future of UK Prime Minister May's leadership. Yesterday, the British Pound suffered its worst day since 2016 after a string of ministers resigned over their opposition to the Brexit deal. Prime Minister May has thus far, stuck to her proposals. The safe-haven Japanese Yen was maitaining its recent offensive. Signs that simmering Chines-US trade tensions may be easing offered some support for risk assets. The "Financial Times" reported US Trade Representative Lighthizer had told some industry executives that another round of US tariffs on Chinese imports had been put on hold. Gold rose to a 1 week high as the US currency softened. US stock futures indicate a lower open on Wall Street. Industrial Production data for October should give some insight into the US economy's performance last month.
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