Euro Trading Steady After Gaining Against the US Dollar on Brexit Deal Optimism

The Euro continues to trade above a two-month high against the US dollar, riding the optimism of the Brexit deal reached between Britain and

Written by: Arslan Butt • Friday, October 18, 2019 • 1 min read

• Last updated: Friday, October 18, 2019

The Euro is edging lower after touching a two-month high against the US dollar, still riding the optimism of the Brexit deal reached between Britain and the EU during the EU summit on Thursday. At the time of writing, EUR/USD is trading around 1.111.

Even though the deal still needs to be voted by the UK parliament, which could be a major hurdle, markets celebrated the breakthrough in negotiations that was announced on Thursday. Following news of a Brexit deal emerging, the Euro gained more than 0.5% against the dollar, although it has edged slightly lower since then.

The sudden optimism in the markets not only boosted the Pound and the Euro but extended the rally into other currencies against the dollar as well, lifting the overall mood in financial markets. The US dollar, which was already trading under pressure following the release of a weak retail sales print for September, weakened even further as a result, causing additional bullishness in EUR/USD.

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ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.