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Euro Higher on German Data, Sterling Edges Lower

HomeForexEuro Higher on German Data, Sterling Edges Lower
14
Nov
Euro Higher on German Data, Sterling Edges Lower
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The euro pushed higher on Tuesday after data showing that German economic growth beat expectations in the last quarter, while the pound edged lower amid Brexit jitters and the dollar held steady against a currency basket.

EUR/USD was up 0.16% at 1.1688 by 03:32 AM ET (08:32 AM GMT) after data showing that Germany’s economy grew 0.8% in the third quarter thanks to strong trade and investment figures.

The euro was also higher against the pound, with EUR/USD climbing 0.26% to 0.8919.

Sterling edged lower against the dollar, with GBP/USD last at 1.3091. The pound ended the previous session sharply lower amid concerns over Theresa May’s ability to remain on as British prime minister.

The two-day parliamentary debate on the Brexit bill was due to get underway later Tuesday and will take place against a backdrop of heightened political uncertainty.

As many as forty members of parliament have agreed to sign a letter of no confidence in the prime minister according to weekend newspaper reports, setting the stage for a formal leadership challenge.

Investors were also looking ahead to UK inflation data, which could show that Britain’s cost of living squeeze is continuing, as the weak pound continues to drive up shop prices.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, edged down 0.08% to 94.32 as investors remained focused on planned U.S. tax reforms.

Also in focus, European Central Bank head Mario Draghi, Federal Reserve Chair Janet Yellen, Bank of Japan Governor Haruhiko Kuroda and Bank of England head Mark Carney were all to deliver remarks on central bank communication at an ECB-hosted conference in Frankfurt later in the day.

The dollar was higher against the yen, with USD/JPY rising 0.26% to 113.90.

Elsewhere, the New Zealand dollar was sharply lower, with NZD/USD sliding 0.81% to 0.6847.

The Australian dollar was slightly weaker, with AUD/USD down 0.13% 0.7612.

The Aussie’s losses were limited despite downbeat Chinese economic reports after a survey of Australian businesses showed the best conditions in twenty years as sales and profits surged in October.

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