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Forex News: U.S. Dollar Moves Notably Higher Against The Pound

U.S. Dollar Moves Notably Higher Against The Pound

12/17/2019 - 16:20:00 (RTTNews)

(RTTNews) - The U.S. dollar saw modest strength during trading on Tuesday, with the greenback showing a notable advance versus the British pound amid concerns about a no-deal Brexit.

The pound has slumped by about 1.5 percent versus the dollar to $1.3131 compared to $1.3332 on Monday.

Reports suggest British Prime Minister Boris Johnson is taking a hard line on Britain's transition period for leaving the European Union.

It was said that Johnson will legislate via an amendment to the Withdrawal Agreement Bill as soon as Friday to legally prohibit any further delay to the U.K.'s departure from the bloc.

Meanwhile, the U.S. dollar is trading at 109.53 yen compared to the 109.55 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.1146 compared to yesterday's $1.1144.

On the U.S. economic front, the Commerce Department released a report showing a bigger than expected spike in housing starts in the month of November.

The report said housing starts surged up by 3.2 percent to an annual rate of 1.365 million in November from a revised October estimate of 1.323 million.

Economists had expected housing starts to jump by 2.4 percent to a rate of 1.345 million from the 1.314 million originally reported for the previous month.

Building permits, an indicator of future housing demand, also climbed by 1.4 percent to an annual rate of 1.482 million in November from a rate of 1.461 million in October.

The continued increase came as a surprise to economists, who had expected building permits to slump by 3.5 percent to a rate of 1.410 million.

A separate report from the Fed showed U.S. industrial production rebounded by more than expected in the month of November.

The report said industrial production jumped by 1.1 percent in November after tumbling by a revised 0.9 percent in October.

Economists had expected industrial production to climb by 0.8 percent compared to the 0.8 percent slump originally reported for the previous month.

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