Pound soars after U.K., European Union agree on text for Brexit deal

Dollar hits 16-month high; tech woes crunch stocks

Prime Minister Theresa May's spokesman punctured earlier investor optimism over progress on a Brexit deal, denying a Financial Times report, citing European Union's Brexit negotiator Michel Barnier as saying the main elements of a deal were ready and could be presented to the United Kingdom cabinet as soon as Tuesday. The dollar hit 17-month highs against its rivals Monday, led by a decline in sterling after the UK Prime Minister's spokesperson denied a report claiming the main elements of a Brexit deal could be presented to the UK as soon as Tuesday.

If the Cabinet approves the draft today, the EU's chief negotiator Michel Barnier would have to report to the European Council that "decisive" progress has been made before Donald Tusk can convene a summit, probably in the last week of November.

The U.S. dollar jumped to around its highest level in a year-and-a-half on Monday, propelled by expectations for higher U.S. interest rates and an uncertain political landscape in Europe.

U.S. economic data later this week is expected to provide further support for the dollar, with the U.S. Labor Department publishing October inflation and real earnings figures Wednesday and the Commerce Department releasing retail sales data for October on Thursday.

Riding on the positive sentiment around a potentially orderly Brexit deal, the euro gained 0.1% to trade at $1.1301 today.


The Australian dollar lost 0.4 per cent on the greenback to US$0.7194. Earlier on Tuesday it touched 86.82 pence, which was the lowest level since April 26.

In contrast to the latest news on Brexit, Italy's budget proposals remain a drag on the euro.

Tuesday is the deadline for Italy to resubmit its budget proposals to the European Union after a showdown between Rome and Brussels over the government's spending plans that has rattled bond markets and weighed on the single currency.

The euro was knocked back by concerns about Rome's tussle with the European Commission over its 2019 budget and weakness in Italy's banking sector. Economists in a Reuters poll forecast it would hold steady at 4 percent.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. It is not a solicitation to make any exchange in commodities, securities or other financial instruments.

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