Aussie dollar falls as U.S., China delay trade meeting; sterling falls

Aussie dollar falls as U.S., China delay trade meeting; sterling falls

The live dollar index data show the ICE US Dollar index, a measure of the dollar's strength against a basket of six rival currencies, slipped 0.03% to 96.97 but is higher now.

The dollar gained for the first time in a week as the pound fell after a vote on Brexit that failed to deliver much clarity on where Britain's relationship with the European Union was headed. Britain's parliament voted against the risk of a "no-deal" Brexit, 24 hours after a second defeat for Prime Minister Theresa May's divorce agreement left Britain heading into the unknown. The significance of such a passage is that if it were to pass, the British Parliament would then vote the next day (Thursday) on whether to instruct the Government to request a postponement of the Brexit departure date beyond 29 March 2019 from the European Union.

The Australian dollar was down 0.2 per cent at US$0.7081, handing back the previous day's modest gains.

Other U.S. data showed import prices in February rose by the most in nine months. This is the latest sign of benign inflation, supporting the Federal Reserve's wait-and-see approach to further interest rate hikes this year.

Other data showed new orders for key USA -made capital goods rose by the most in six months in January and shipments also rose, but business spending on equipment remained soft, leaving forecasts for weak first-quarter economic growth intact.

USA stocks halted a three-day rally, while the dollar surged amid concern a trade deal with China remains elusive.

Gold hit almost a two-week high as tepid USA economic data reinforced views the Fed would be patient on monetary policy. Sterling rose 1.01 percent to $1.3205 while the dollar softened against the yen and euro. The U.S. central bank's rate-setting committee will issue its next policy statement following its March 19-20 meeting.

The dollar index, a gauge of its strength against six other major currencies, was up 0.2 percent at 96.769. Strong resistance can be seen at 111.46 (38.2% retracement level), an upside break can trigger rise towards 112.12 (23.6% retracement level).On the downside, immediate support is seen at 110.88 (50% retracement level), a break below could take the pair towards 110.33 (61.8% retracement level).

The British lawmakers will vote today on whether or not they want a hard, no-deal Brexit, which is considered the worst case scenario.

Players Championship leaderboard 2019
His 74 included a triple-bogey at his 10th hole, the par-four first, where he took five shots to hole out from a greenside bunker. He led by one stroke from South Korean An Byeong-hun and American Brian Harman, and by two from Northern Irishman Rory McIlroy .

The small-cap Russell 2000 Index lost 0.2 percent.

World equity markets advanced broadly on Wednesday after U.S. data again showed risk-friendly low inflation, which weakened the dollar, while Boeing shares gained even as the United States said it would ground the company's 737 MAX aircraft. The S&P 500 gained 19.4 points, or 0.69 percent, to 2,810.92 and the Nasdaq Composite added 52.37 points, or 0.69 percent, to 7,643.41.

In late NY trading, the euro was up to 1.1329 US dollars from 1.1296 dollars in the previous session, and the British pound rose to 1.3217 dollars from 1.3084 dollars in the previous session.

Germany's 10-year yield gained two basis points to 0.086 percent.

The MSCI Asia Pacific Index fell 0.3 percent.

The ongoing Brexit drama, a cut to the UK's growth forecast and a warning from America's top trade negotiator that tariffs may not be rolled back are adding to an uncertain picture for global growth.

Oil futures rallied about 2 percent on Wednesday as USA crude inventories unexpectedly fell and an official forecast of crude oil supply growth from the world's top producer was revised lower.

USA crude rose $1.39 to settle at $58.26 per barrel and Brent settled up 88 cents at $67.55. US gold futures settled 0.9 percent higher at $1,309.3 per ounce.

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