The euro dropped almost 0.5% against the greenback on Monday, being close to more than a year low. What’s going on?
The Sterling recovered, scaling a 2-month high against the single currency, and edged up temporarily against the dollar. EU-UK is close to a deal regarding Brexit.
Sell-off is the quick sale of financial instruments such as stocks, bonds, commodities or currencies. Rapidly falling prices and panic can also characterize it.
The Sterling dropped further to a three-week low on Wednesday as Prime Minister Theresa May defended once more her Brexit plans. Despite few new “findings” in her speech which may lead towards the one or the other direction, the response of the market was direct but not so strong.
USMCA is the new trade deal reached by the USA and Canada, replacing the outdated NAFTA. USMCA will constitute a single agreement with the bilateral agreement between Mexico and the USA held in August.