Pound set for worst three-day drop since October on Brexit
Investors cautious before Trump meets media on Wednesday
“Traders are wary ahead of a media briefing,” said Naeem Aslam, chief market analyst in London at Think Markets U.K. Ltd. They “want to play safe and the yellow metal provides them this safety.”
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- The dollar fell 0.1 percent versus the yen as of 7:42 a.m. in New York.
- The pound touched its lowest level since Oct. 25 on concern a so-called hard Brexit may push the Bank of England to keep rates lower for longer. The currency was down 0.1 percent at 1.2149 per dollar.
- S&P 500 futures were little changed after closing Friday at an all-time high.
- Wm Morrison Supermarkets Plc climbed 3.8 percent in the U.K. after reporting better-than-forecast holiday sales.
- West Texas Intermediate crude added 0.2 percent to $52.04 a barrel after sinking 3.8 percent last session as an increase in U.S. drilling offset signs that OPEC members are sticking to planned output cuts.
- Gold advanced 0.2 percent to $1,183.40 an ounce, with demand forecast to rise ahead of Chinese New Year.
- Zinc rose 2.7 percent to a three-week high of $2740.50 a metric ton on signs that demand for the metal used to produce galvanize steel would increase in China.
- Yields on 10-year Treasury notes rose one basis point to 2.38 percent.
- Mozambique’s dollar bonds due January 2023 plunged to 50 cents on the dollar, an all-time low, on bets the nation won’t settle a coupon payment next week.
- Bonds in core European countries are little changed, while Italy and Spain extended gains.