The greenback crumbles against the major currencies bloc
Cable is essentially flat on the day now as the pound recovers its earlier losses against the dollar with the latter continuing to look lost in light of softening risk sentiment in the equities space. The dollar’s haven status is looking all but gone now and that is generating into bids in other currencies as well as gold currently.
Relative to other currencies, the pound is still weak as the stall in Brexit negotiations continues to weigh on the quid with talks only set to resume on Wednesday in Brussels. As mentioned earlier, that will continue to weigh on the pound but given the dollar’s own problems, cable buyers are finding a reason to push some bids back in the pair.