Forex trends Tuesday: Brexit developments likely in focus

Vintage U.K. five pound noteVintage U.K. five pound note

Foreign-exchange markets will likely be eyeing the latest Brexit developments on Tuesday, with U.K. Prime Minister Theresa May aiming for a “plan B” deal that can squeak through Parliament.

U.S. markets were closed on Monday for the Martin Luther King Jr. Day holiday, which marks the birthday of the U.S. civil rights leader.

The International Monetary Fund lowered its forecasts for global economic growth this year and next amid softness in Europe and some emerging markets, and it expressed continued concerns over trade tensions, Reuters reported.

In addition, the World Economic Forum in Davos, Switzerland, was preparing to kick off, with global CEOs, and particularly those in the U.S., expecting economic growth to slow ahead, Reuters reported.

Currencies

The U.S. dollar index was at 96.32 at 7:05 A.M. SGT, after rising as high as 96.43 and dipping as low as 96.23 on Monday, according to ICE data. U.S. markets were closed on Monday for the Martin Luther King Jr. Day holiday, which marks the birthday of the U.S. civil rights leader.

The 10-year U.S. Treasury note yield was at 2.786 percent at Friday’s close, according to Tullett Prebon data.

The euro/dollar was at 1.1370 at 8:06 A.M. SGT after trading in a 1.1355 to 1.1391 range on Monday, according to DZHI data.

The British pound/dollar was at 1.2890 at 8:06 A.M. SGT after trading in a 1.2829 to 1.2911 range on Monday, according to DZHI data.

The dollar/yen was at 109.627 at 8:07 A.M. SGT after trading in a 109.45 to 109.767 range on Monday, according to DZHI data.

The dollar/yuan ended Monday at 6.7929 after trading in a 6.7764 to 6.7979 range during the session, according to DZHI data.

The dollar/Singapore dollar was at 1.3591 at 8:07 A.M. SGT after trading in a 1.3569 to 1.3609 range on Monday, according to DZHI data.

The dollar/Malaysian ringgit was at 4.11 at Monday’s close, after trading in a tight 4.11 to 4.1130 range during the session; Malaysia’s stock market was closed on Monday for the Thaipusam holiday.

The dollar/Indonesian rupiah was at 14,220 at Monday’s close after trading in a 14,210 to 14,220 range during the session, according to DZHI data.

 

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