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Dollar Edges Higher in New York, Sterling Slips on Politics

Posted by Joseph Trevisani on Dec 6, 2017 9:46:00 PM

The dollar strengthened as equity markets tamped their recent selloff and the U.S. currency benefited from the retreat from risk assets and the expected economic boost from the tax reform bill in its final stages in Congressional conference committee.

The euro closed below 1.800 against the dollar for the first time in two weeks weighted by obstacles in the European Union's divorce discussion with Britian. 

eur dec 6.png

Sterling weakened as Brexit talks hits several snags and attempts to work through them appeared to fail. It finished at 1.3336 in New York.  The pound has lost 1.5 percent versus the dollar this month largely on political troubles, domestic and European, related to its departure from the EU. 

gdp dec 6.png

Michel Barnier the European Union's chief negotiator told members that the UK has two days to agree to a deal in the separation talks or the negotiations will not the procede to next stage. The two side had hoped to have this preliminary agreement ready for approval by the EU summit which begins on December 14th.

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