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Dollar Dips, Pound Rallies on Barnier Comment

Dollar dips, pound rallies on Barnier comment
Dollar dips, pound rallies on Barnier comment

Investing.com - The dollar edged lower against a basket of the other major currencies on Wednesday, as the pound rallied after comments on Brexit by European Union negotiator Michel Barnier.

The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, edged down to 94.57 by 10:24 AM ET (14:24 GMT), not far from Wednesday’s one-month low of 94.34.

Market sentiment was supported by hopes that Canada will join the new trade agreement between the U.S. and Mexico aimed at overhauling the North American Free Trade Agreement.

But the new trade deal did little to indicate how a trade spat between the U.S. and China may develop after talks last week ended with little progress and both countries slapped fresh reciprocal tariffs on imports.

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The dollar showed little reaction to data showing that U.S. economic growth was slightly stronger than expected in the second quarter, coming in at 4.2% as markets remained focused on geopolitical developments.

The pound surged higher, with GBP/USD advancing 0.95% to 1.3000 after EU negotiator Michel Barnier said the bloc was prepared to offer a partnership with Britain such as has never been with any other country.

The comments eased concerns over the prospect of a no-deal Brexit.

The euro was sharply lower against sterling, with EUR/GBP down 0.87% to 0.9006.

The dollar pushed higher against the yen, with USD/JPY rising 0.25% to 111.47.

The euro was little changed against the dollar, with EUR/USD last at 1.1693.

Meanwhile, the Turkish lira fell further against the dollar on Wednesday, pressured lower by continued uncertainty over the diplomatic spat between Washington and Ankara.

Deteriorating relations between the U.S. and Ankara and worries about Turkish President Tayyip Erdogan's increasing control over monetary policy and the economy have seen the lira tumble almost 40% this year and hit record lows mid-month.

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