Dollar on course for second weekly gains, Brexit fears weigh on pound

11.09.2020 - Petr Mazaylo
Dollar on course for second weekly gains, Brexit fears weigh on pound

The dollar was on course for its first back-to-back weekly gains since May on Friday as investors turned to safer assets. Meanwhile, the pound was on track towards its worst week since March amid fears about the EU-UK Brexit negotiations.

The dollar was broadly steady in Asian trade. Against a basket of currencies, the greenback is up 0.5% for the week and 1.7% from the 28-month low it hit in early September.

The yen steadied at 106.14 on the dollar. Analysts said that pension fund flows out of Japan offset safe-haven demand as U.S. stocks fell.

The Aussie rose 0.3% to $0.7275, while the kiwi was up 0.1% to $0.66660.

The steady trade in Asia followed Thursday’s bumpy session after the European Central Bank’s meeting and growing fears about the post-Brexit talks.

The euro rose 1% to $1.1917 before falling back to $1.1830. The pound hit a six-week low of $1.2773 and last stood at $1.2812. Against the euro, it sat at 92.32 pence.

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