“Market participants might bank on the ECB following in the Fed’s footsteps earlier after all if the economic environment improves further, which would be a reason to prefer the euro over the dollar,” Commerzbank strategists said in a note.
“The dollar is fighting back a little bit but there’s still some caution, as it could still be a few weeks until we know the outcome of the tax reform bill,” said Rabobank currency strategist Jane Foley, in London.
“A correction could bring bitcoin back to its previous level of chart support of around $7,500. That’s over a 20 percent drop from its current price,” said Shane Chanel, equities and derivatives adviser at ASR Wealth.
GBP driven higher as markets rush to buy weakened pound
Sterling is on uncertain form so far this morning. GBP/EUR is stuck opening levels at €1.1349, while GBP/USD has weakened -0.2% to US$1.3152. GBP/AUD is flat around A$1.7150, while GBP/NZD is stuck at NZ$1.8989. GBP/CAD is creeping below opening levels and is currently in the region of C$1.6749.
Policy divergence bets drive dollar gains, pull euro lower
The dollar index, which tracks the greenback against six major currencies, was up 0.35 percent at 95.091. The index is just shy of the three-month high of 95.150 hit late last month. The euro was 0.31 percent lower to $1.1573 against the dollar. Its session low was $1.1555, its lowest since July 20. The British pound was 0.43 percent lower against the dollar. The Australian dollar AUD=D4 slipped 0.68 percent to $0.7638 against the greenback.
Sterling extended the previous two days’ losses on Thursday as a struggling retail sector and a widening trade deficit raised concerns among some investors that the currency’s recent gains could be overdone.
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