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US Dollar Strenthens

Sterling slightly fell this morning as investors are very cautious before the publication of a first EU draft of a withdrawal treaty.

EU negotiator Michel Barnier accused the British government on Tuesday of clinging to “illusion” while time runs out for a Brexit deal to avoid massive disruption when Britain leaves the European Union next year. The draft is due around 1100 GMT.

While sterling has gained nearly 3 percent this year against the dollar thanks to the greenback’s struggles in the opening weeks of 2018, it has only gained 1 percent against the euro in that period.

The dollar hit a three-week high after an upbeat assessment of the U.S. economy by Federal Reserve Chairman Jerome Powell’s boosted bets on more interest rate hikes.

Against a basket of currencies, the dollar rose 0.2 percent after a 0.6 percent rise on Tuesday that followed Powell’s testimony to U.S. lawmakers, which encouraged some investors to believe the Fed would raise rates four times this year rather than three.

Source: Reuters, Bloomberg, Investing.com

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