FX Signals – Dollar Gains From Tech Stocks Turmoil; Sterling Weakens

FxPremiere.com – The dollar gained in early European trade Wednesday, with the sharp selloff in U.S. equity markets prompting traders to ditch riskier currencies in favor of the world’s reserve currency.

At 3 AM ET (0700 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was up 0.1% at 93.562. The index has risen just short of 1% over the last week, climbing from the more than two-year lows it touched earlier in the month.

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“The tech selloff has caught the market by surprise and it is a bit jittery as to whether there are broader implications,” said Bank of Singapore currency analyst Moh Siong Sim, in a Reuters report.

“It might force some position unwinding in other parts of the market, and that’s probably what we’re seeing right now,” he said.

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Elsewhere, worries about Brexit trade negotiations have pushed the pound down to levels last seen at the end of July. GBP/USD dipped 0.4% to $1.2939, while EUR/GBP rose 0.3% to 0.9093.

Britain will set out its blueprint for life outside the European Union later Wednesday, publishing legislation a government minister acknowledged would break international law in a “specific and limited way”.

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This is unlikely to be received favorably in European circles, increasing the likelihood of a messy end to the post-Brexit transition period at the end of the year.

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FX Signals – Dollar Gains From Tech Stocks Turmoil; Sterling Weakens

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