Brexit Agreement Helps Boost Sterling – 17 October, 2019

An agreement between British Prime Minister and the European on a Brexit strategy helped push sterling to a five month high against the dollar and the euro. Last trading at $1.2856, the pound was slightly under the five month high of $1.2988, with sterling on track for a 1.6% gain against the dollar for the week. Against the euro, the pound was last trading at 86.57 pence, slightly below a five month high of 85.77 pence. A 27 year slowdown in Chinas economic growth weighed on by U.S.- China trade tensions and weak factory production caused the yuan to take a hit, with the onshore yuan at 7.0740 per dollar, and the offshore yuan at 7.030 versus the greenback. Against the yen, the dollar was headed for its second week of against at 108.56 yen.