Sterling trims losses, but remains lower after weak data
The British pound fell today, on the lingering concerns about the odds for the BoE to cut interest rates and weak economic data.
The UK revealed today that GDP shrank by 0.3% in December, its fourth straight monthly contraction.
British PM Boris Johnson expressed that he is confident that the UK and the EU would reach a fair Brexit deal.
Britain will implement the Brexit on January 31, and will enter a transitional period until December 31.
Sterling fell under pressure since Bank of England's President Mark Carney hinted a possible rate cut.
GBP/USD fell by 0.5% to 1.3001 as of 20:38 GMT, after the pair hit a day high of 1.3063 and a low of 1.29062.
Soybean closes lower as US production rises
Soybean prices fell on Monday, despite widespread optimism about the US-China trade deal, as the US production increased and heavy rain in Latin America (Brazil and Argentina), which weighed down on prices.
The USDA unveiled on Friday that soybean production reached 3.56 billion bushels in the past year, rising by 8 million bushels above average, while inventories remained unchanged at 475 million bushels.
The Chinese Vice Premier, Liu He, will visit the US this week to sign the phase-one trade between the two countries, and talks for the phase-two will start immediately.
Soybean futures fell 0.4% to close at $9.42 a bushel, after hitting a day high of $9.49 and a low of $9.38.
Silver closes lower as focus turns to US-China trade deal
Silver prices retreated on Monday, on weak safe-haven demand for precious metals in favour of stocks, amid anticipation for the signing of the phase-one trade agreement between the US and China.
Markets await the signing of the phase-one trade agreement between the US and China, which will be followed immediately by negotiations for the phase-two.
Washington will lift its designation of China as a manipulator of its currency exchange rate, a positive move that will contribute to remove any hinder in the trade relations file.
The dollar index held against a basket of currencies at 97.3 points as of 20:53 GMT, and hit a high of 97.5 and a low of 97.3.
Silver March futures fell 0.6% to close at $17.996 an ounce, after hitting a day high of $18.13 and a low of $17.935.
Dollar edges lower, gives up earlier gains
The US dollar inched lower Monday, to erase its earlier gains, as investors eschewed safe havens such as the greenback and precious metals in favour of stocks.
Multiple news reports revealed that the US Treasury will lift its designation of China as a manipulator of its currency exchange rate, which is many experts saw as a positive move.
This comes amid widespread anticipation for the signing of the phase-one trade agreement between the US and China, which will be followed immediately by negotiations for the phase-two.
The US Department of Labor unveiled last week that the economy has added 145,000 new jobs in December, lower than forecasts of 162,000.
The dollar index held against a basket of major currencies at 97.3 points as of 19:19 GMT, and hit a day high of 97.5 and a low of 97.3.