USD hits 4-week low

28 Aug 2018 07:02 PM

The US dollar fell to its lowest level in four weeks as risk appetite rose again as the US and Mexico reached agreement on the NAFTA reform, prompting investors to move towards riskier assets.

For the third day in a row, the dollar index fell and exceeded the uptrend line which we mentioned earlier and reached 94.43, the lowest level since July 31.

The British pound hit its lowest level against the euro since a year after British Prime Minister Theresa May downplayed the consequences of leaving the EU without a deal.

EURGBP hit its highest level since September 2017 at 0.9098 as investors are hedging against currency risk if Britain leaves its biggest trading partner without an agreement.

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