Daily Update - 18th September 2018
The euro strengthened against dollar on Monday as expectations grew that Britain would reach a deal with the European Union on the terms of its departure from the bloc. Talks between the European Union and Britain on Brexit are being conducted in a spirit of "good cooperation," Michel Barnier, the EU's chief negotiator on the issue, said on Monday. Despite Barnier's upbeat mood, there is, so far, no full exit agreement and some rebels in British Prime Minister Theresa May's Conservative Party have threatened to vote down a deal if she clinches one with the EU. The pair traded as high as 1.1694, settling not far below this last in a quiet US afternoon, as the greenback showed broad weakness against all of its major rivals, as uncertainty about tariffs ruled the FX board. Sterling rose against the dollar on Monday as pound was helped by a weaker dollar and reports of progress on the Irish border question, an obstacle to Brexit diplomats will try to overcome this week at a European Union summit. The minutes of the Reserve Bank of Australia meetings are published two weeks after the interest rate decision. The minutes give a full account of the policy discussion, including differences of view. They also record the votes of the individual members of the Committee. Today both economies are scheduled to release minor macroeconomic figures, which usually didn't reach price action.Yesterday’s Focus
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