FX Update: The dollar has traded mixed
FX Update: The dollar has traded mixed so far today, while a rise the pound has been the biggest mover out of the main currencies. The pound pared gains, having remained below the respective highs seen last Friday against the dollar and yen. The UK currency did managed to eke out a fresh five-month peak in the case against the euro, however. The mood music on the Brexit front has been upbeat, though non-committal. EU negotiator said that an agreement is possible but will be difficult and would have to be committed to legal text by the end of the day if there is to be any chance of a deal being reached at the EU summit on Thursday. Cable has ebbed back to the 1.2650 area after earlier printing a high at 1.2697. EUR-USD took a turn lower, printing a new low for the week at 1.1006. This extends the correction from the three-week seen last Friday at 1.1062, which was the culmination of a 10-day rally phase. USD-JPY continued to hold in a narrow range, pausing after rallying quite strongly last week, which culminated in the 10-week peak that was seen last Friday at 108.62. USD-CAD remained underpinned, concomitant with a second day of oil price declines.