Dollar Set to Snap Three-Week Win Streak as Sterling, Euro Gain By Investing.com

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Investing.com – The U.S. dollar looks set to snap a three-week winning streak as downbeat consumer sentiment data did little to help the greenback offset losses against the euro and sterling.
The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, fell by 0.25% to 96.57.
The Michigan fell to a reading of 96.9, well below expectations for a reading of 98.1, following two-straight months that saw gains above expectations, according to economist forecasts compiled by Investing.com.
The data is unlikely to prompt the Federal Reserve to divert from its wait-and-see approach to monetary policy.
“These numbers won’t alter the FOMC’s view that a patient approach is warranted,” Action Economics said.
A rise in the pound and euro also stifled the dollar’s attempt at clawing back losses.
rose 0.20% to $1.3080 on reports of progress on talks between U.K. Prime Minister Theresa May and opposition leader Jeremy Corbyn. The pound was also given a second wind on expectations that holding a second referendum on Brexit may be put to a vote in parliament.
This comes just days the EU granted a delay to Brexit until October 31 to allow ample time for May to hash out a deal that lawmakers are willing to back.
climbed 0.43% to $1.1298 and rose 0.34% to $112.03, with the latter pair boosted by a fall in the yen as risk appetite returned on Wall Street following mostly upbeat earnings from major banks.
fell 0.41% C$1.3329 as rising oil prices propped up the loonie.

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