Investors Await Bank of England Strategy, Dollar Dips – 6 November, 2019

The pound dropped just above a one week low ahead of a Bank of England meeting, while the dollar slipped against the yen on doubts a U.S.- China trade deal will be signed. A senior U.S. official stated that phase one of a deal may be put off until December, leaving investors uncertain about the future of the global economy. Against the yen, the dollar fell 0.17% to 108.80 yen. The onshore yuan fell to 7.0124 against the dollar. Against a basket of six major currencies, the dollar index was steady at 97.962. Sterling was trading at its lowest in a week at $1.2851 and at 86.13 pence against the euro. Traders are awaiting a strategy for how BoE will respond to Brexit uncertainties.