The dollar pulled back on Wednesday as weak U.S. manufacturing stoked wagers on ...
SINGAPORE - The dollar pulled back on Wednesday as weak U.S. manufacturing stoked wagers on aggressive policy easing, while the British pound recouped losses in the wake of a parliamentary vote that opened the door for another Brexit delay.
That knocked the wind from the greenback and rallied the bond market as investors increased bets on a couple of Federal Reserve rate cuts before Christmas. “The expectation that the Fed will come to the rescue has increased,” said Rodrigo Catril, senior FX strategist at National Australia Bank in Sydney.Against a basket of currencies the dollar traded slightly lower at 98.944, which was 0.4% below the two-year peak it touched on Tuesday.
More than three years after the UK voted in a referendum to leave the EU, the Brexit process remains unresolved and a source of major political chaos. Possible outcomes for Britain range from a turbulent “no-deal” exit to abandoning the whole endeavour.
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