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Dollar Slides as Sterling Shines on Strong Jobs Data, Brexit Hopes

2/20/2019, 10:54:05 AMBasics of Trading
Dollar Slides as Sterling Shines on Strong Jobs Data, Brexit Hopes

The U.S. dollar slipped against a basket of major currencies Tuesday, pressured by strength in the pound on strong labor market data and hopes for progress on upcoming Brexit talks.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, fell 0.45% to 96.30.

GBP/USD rose 1.03% to $1.3054 as the U.K. unemployment rate remained at record lows, while wage growth of 3.4% for December missed economist expectations.

The pound was also propped up by expectations for progress on Brexit talks, even as EU Commission President Jean-Claude Juncker said a lack of signals on the Brexit progress would likely stifle talks with U.K. Prime Minister Theresa May on Wednesday.

"I am meeting Mrs. May tomorrow evening, and there is not enough movement for me to be able to assume that it will be a productive discussion," Juncker said.

EUR/USD rose 0.36% as a German investor confidence improved to its highest level in five months in February, according to survey data from the ZEW - Leibniz Centre for European Economic Research.

USD/JPY fell 0.04% to Y110.56 after Bank of Japan governor Haruhiko Kuroda told the Japanese parliament that the central bank would consider additional easing if a stronger yen threaten to depress prices and activity.

USD/CAD fell 0.20% to C$1.3213.