3-4 minutes - Source: CNBC
Xu Jinbai | Visual China Group | Getty Images
The single currency shed 0.2% overnight after a survey showed European business activity stalling, and in fact going backwards in powerhouse Germany where a manufacturing recession deepened.
It held around $1.0990 in Asian hours, while the dollar edged higher against the Japanese yen to buy 107.58 yen and held its ground on the Australian and New Zealand dollars.
Against a basket of currencies, the dollar edged higher to 98.621.
“Trade is never far from the
The British pound wallowed at $1.2431, near a one-week low, ahead of a UK Supreme Court ruling due around 0930 GMT.
The court will rule on whether Prime Minister Boris Johnson acted unlawfully when he suspended parliament just weeks before Brexit, with the case’s outcome potentially complicating his plans to lead his country out of the European Union next month.
The Australian and New Zealand dollars were steady ahead of a speech by Reserve Bank of Australia Governor Phil Lowe at 1005 GMT, with the market expecting a dovish tone after weak jobs data last week lifted expectations of an imminent rate cut.
Both currencies sat near three-week lows, with the Aussie buying $0.6772 and the kiwi $0.6290.
“We think Lowe will provide a strong signal that the RBA is ready to cut rates again, endorsing our view for a 25bp cut in October,” said Tapas Strickland, a director of economics and markets at National Australia Bank in Sydney.
“Any comments on the scope for unconventional policy will also be critical for the market.”
The Bank of Japan’s governor Haruhiko Kuroda is also due to speak today, around 0530 GMT.
Meanwhile a delicate upbeat mood broadly held, with Chinese importers’ decision to buy 10 boatloads of U.S.
China’s yuan strengthened very slightly to 7.1056 in offshore trade.
U.S. Treasury Secretary Steven Mnuchin told Fox Business that discussions were scheduled in two weeks and that he and U.S. Trade Representative Robert Lighthizer would meet Chinese Vice Premier Liu