Greenback Strong, Pound Hits Minimum

Forex News

The greenback rose versus its peers on positive US jobs data. The U.S. dollar index grew 0.11% to 95.13, touching its more than one-year high at 95.44.

Meanwhile, the single currency dropped to 4-and-a-half minimum versus dollar. The Euro/Dollar par reduced to 1.1550. The common currency was burdened by ECB’s policy stance and the fact that German factory orders marked the largest decline in almost 18 months to 4% in June.

Sterling hit its 2-week minimum against the greenback and the cable fell 0.29% to 1.2963. The decline was caused by Mark Carney’s (BoE Governor) statement that there was an “uncomfortably high” risk of a no-deal Brexit.

Chinese yuan weakened further versus dollar, but remained over its 15-month minimum. In offshore trading, the yuan was at 6.8577. On Friday, it recoiled versus the greenback after Chinese government’s move to ramp up the currency.