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Dollar weakens on Brexit, shares sapped by weaker China growth


Added 10-18-19 05:03:02pm EST - “The dollar posted its worst week in almost four months on Friday, pummeled by st...” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “Dollar weakens on Brexit, shares sapped by weaker China growth”. Below is an excerpt from the article.

NEW YORK (Reuters) - The dollar posted its worst week in almost four months on Friday, pummeled by sterling and euro rallies driven by a deal on Britain’s departure from the European Union, while China’s weakest growth in nearly three decades weighed on equities.

The dollar crept lower against the euro as the common currency enjoyed a lift from hopes a Brexit deal could improve the odds of the euro zone avoiding a recession.

Dismal manufacturing data and worries the U.S.-China trade war could slow euro zone economies even further have rattled the euro this year, while fears of a disorderly Brexit had slammed sterling until a week ago.

“We can easily tell what’s driving the euro, and that’s a potential Brexit deal. We’re going to find out this weekend whether this is going to turn into a realty or whether it’s a pipe-dream,” said Paul Mendelsohn, chief investment strategist at Windham Financial Services in Charlotte, Vermont.

The euro EUR= rose 0.36% to an almost two-month high of $1.1162. Sterling GBP= climbed 0.42% to a fresh five-month high of $1.2942.

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