FX Update: The dollar has been trading mixed
FX Update: The dollar has been trading mixed so far today, gaining versus the euro and yen, but losing ground to the pound, which rebounded strongly today, and the Australian dollar. EUR-USD clocked a 10-week low of 1.1031 while USD-JPY settled in the mid 103s, fractionally up on the day but remaining well within yesterday's range, in a fourth day of consolidation after logging a six-week peak at 104.16 last Thursday. AUD-USD lifted by over 0.5%, reversing most of yesterday's decline. The pound rallied strongly during the Asia session after British PM May said that the government would allow a "full and transparent debate" in parliament before commencing formal negotiations with the EU, which have been promised to start by the end of March. Cable logged a high of 1.2325 high, well up on 1.2089 New York closing low of yesterday. The London market sold into the gains, however, as May refrained from promising a parliamentary vote (which is a sore point for many, and is being subjected to a legal challenge). Cable subsequently dipped to the mid 1.22s.