Dollar falls against euro, pound as risk-appetite returns on cheery outlook


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Dollar falls against euro, pound as risk-appetite returns on cheery outlook

On Friday, the 15th of November 2019, the American Dollar Index (DXY) fell against a basket of six major currencies on an average following cautious optimism from two of the top officials of Trump Administration, while currencies highly exposed to international trade except the US Dollar, such as pound and euro had scored decent gains against their American counterpart.

In point of fact, While House economic adviser Larry Kudlow and US Commerce Ministry’s Wilbur Ross had revived the hope that the United States and China could soon reach an interim trade deal, which in effect had spurred up risk appetite in both currency and equity markets, pushing US dollar index (DXY) down by 0.18 per cent to 97.52 on Friday’s (November 15th) market closure after reaching an intra-day high of 97.85 earlier in the session.

Besides, late on Thursday (November 14th), Larry Kudlow was quoted saying that Washington and Beijing might be close to seal an interim trade deal, while US Commerce Secretary Wilbur Ross’s comment on Friday (November 15th) that the trade-war-struck nations were continuing top-level trade talk through telephone conversations, had fleshed up risk appetite further, as on Friday’s (November 15th) market wrap-up, the American dollar shed 0.3 per cent against Euro to close the day at $1.1053, while the British currency gained 0.2 per cent to $1.2900 against the US dollar.