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Forex News: Dollar Climbs Against British Pound On Article 50

Dollar Climbs Against British Pound On Article 50 Plans

03/20/2017 - 14:22:00 (RTTNews)

(RTTNews) - The dollar is little changed against the Euro and the Japanese Yen Monday afternoon, but is climbing against the British pound. The lack of U.S. economic data is keeping some investors on the sidelines at the start of the new trading week. However, today's announcement on the U.K.'s Brexit plans has sparked the gains against the pound sterling.

British Prime Minister Theresa May will invoke the Article 50 of the Lisbon Treaty next Wednesday, March 29, thus formally beginning the process of exiting the European Union and paving the way for talks on trade and future relations, which should conclude in two years.

The buck has climbed to around $1.2345 against the pound sterling Monday afternoon, from an early 3-week low of $1.2435.

The average asking prices for a house in the United Kingdom increased further in March, the latest survey from property tracking website Rightmove showed on Monday. House prices in England and Wales climbed 1.3 percent month-over-month in March, following a 2.0 percent rise in February.

The dollar slipped to an early low of $1.0777 against the Euro Monday, but has since rebounded to around $1.0735.

The Eurozone job vacancy rate increased in the fourth quarter, Eurostat reported Monday. The job vacancy rate rose marginally to 1.7 percent in the fourth quarter from 1.6 percent a quarter ago.

Eurozone hourly labor cost grew at a faster pace in the fourth quarter, figures from Eurostat showed Monday. Hourly labor cost increased 1.6 percent year-on-year in the fourth quarter, faster than the 1.4 percent rise a quarter ago.

Germany's producer prices increased at the fastest pace in more than five years in February, figures from Destatis showed Monday.

Producer prices advanced 3.1 percent in February from prior year, the fastest since December 2011, when prices gained 3.5 percent. Prices had climbed 2.4 percent in January.

Nonetheless, the annual rate was slightly slower than the 3.2 percent rise economists had forecast.

The greenback has retreated to around Y112.585 against the Japanese Yen this afternoon, from an early high of Y112.896.

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