Dollar rises further as Brexit fears grow

Economies.com
2019-10-23 12:36PM UTC

The US dollar rose against a basket of major currencies today, to extend its gains for the third straight day, as its recovery attempts from a 2-months low continued, on improved demand on the US currency as the best investment currently in the forex market, especially after the political concerns about the Brexit were renewed.

 

The dollar index rose by 0.2% to 97.65 points, after opening at 97.49, with an intraday low of 97.48.

 

The US dollar gained 0.2% yesterday, to mark its second straight daily gain, as its recovery attempts from a 2-months low of 97.14 continued.

 

The British Parliament voted on Tuesday against the prime minister's fast-track timetable to conclude the Brexit legislative process in 3 days.

 

Which renewed the market's concerns over a no-deal Brexit, especially as the deadline on October 31 approaches, in addition to Johnson's desire to implement the Brexit on time whether by a deal or not.

 

While the focus is now turning to the EU as the matter is now in its hands to decide on an additional 3-month deadline extension beyond October 31, which is what the European Council President Donald Tusk urged the European leaders to do.

 

Should the EU agree on the extension to January 31, Johnson could then call for a general election in a bid to strengthen the Conservative Party majority and his mandate.

 

Otherwise, the US and China are intensifying their efforts in order to finalize the legal text for the first phase of their trade deal ahead of the Asia-Pacific Economic Cooperation summit in Chile in mid-November.

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