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Dollar dips to 1 month low, pound and euro rally

Published : Friday, 6 December, 2019 at 12:00 AM  Count : 52

LONDON, Dec 5: The dollar retreated on Thursday towards one-month lows against a basket of currencies, pressured by a slew of weaker-than-expected economic data and this week's robust performance by the euro and the British pound.
Most currencies traded in tight ranges after turmoil induced by conflicting headlines on the fate of a phase one US-China trade deal and lack of clarity on whether any kind of agreement can be reached before Dec. 15, when additional US tariffs kick in on Chinese goods. But focus was also on how much damage the trade war is causing and whether the signs of economic stabilisation seen in the euro zone and Chinese data can continue. German industrial orders fell unexpectedly in October, data showed on Thursday, but US trade, durable goods orders and weekly jobless data are likely to garner greater attention later in the day.
That data will follow Wednesday's dismal figures on private payrolls and services activity. On Monday data showed US manufacturing activity contracted for the fourth straight month and construction spending declined.
Meanwhile, manufacturing activity in the euro zone beat expectations. "The data has been a little bit on the disappointing side so the dollar is having a pretty bad week. But a large part of that is also to do with the move in major European currencies and that has weighed on the dollar," said Stephen Gallo, European head of FX strategy at BMO Capital Markets.    -Reuters

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