A softer dollar over the last 24 hours has given some reprieve to gold, which slipped below $1,300 last Thursday as the greenback benefited from weakness across a variety of other currencies.
The euro was quite slow to respond to the PMI data but it seems an improvement in overall risk appetite as the morning has progressed has seen it play catch up. This has put further pressure on the dollar, which was already being weighed on by gains in the pound on the back of Theresa May’s attempts to salvage Brexit with the help of the opposition, a move that could see Parliament form a majority around a softer exit.
The euro was quite slow to respond to the PMI data but it seems an improvement in overall risk appetite as the morning has progressed has seen it play catch up. This has put further pressure on the dollar, which was already being weighed on by gains in the pound on the back of Theresa May’s attempts to salvage Brexit with the help of the opposition, a move that could see Parliament form a majority around a softer exit.
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