Stronger Dollar Against Other Majors as Sterling Stumbled to One Week-Lows
- Trade Magnates Team
- Nov 13, 2017
- 1 min read
Trade Magnates - U.S. Dollar gained strength against major currencies on Monday driven by a positive tax reform comments from President Trump and a declining British pound as British Prime Minister, Theresa May, is facing doubt on her ability to lead and deliver a successful Brexit.
The U.S. dollar traded higher as the sterling stumbled to one - week lows trading at 1.3108, after British PM Theresa May conservative party members had agreed to sign a letter of no confidence in her doubting Mrs. May ability to achieve a successful Brexit deal.
The dollar gained further strength after a positive and promising tweet showing his satisfaction over the proposed tax bill and it’s getting close to be approved. The U.S. dollar index, which measures the dollar’s strength against a trade-weighted basket of six major currencies, rose to 94.45.
Busy week ahead that all investors are looking forward to with the European Central Bank chief Mario Draghi, Federal Reserve Chair Janet Yellen, Bank of Japan Governor Haruhiko Kuroda and Bank of England head Mark Carney will form a panel at the ECB-hosted conference in Frankfurt.