GBP/USD Exchange Rate Dives from Brexit News

The GBP/USD exchange rate went down as pound traders appeared worried about the Brexit divorce on October 31st. The USD was also fighting its way against other currencies while its indices slightly inched up in Wednesday’s trading.

The GBP/USD exchange rate went tumbling down as the pound continued to fluctuate from the winning to the losing end. The GBP to USD exchange rate loss 0.31% or 0.0039 points in today’s session and it currently trade for $1.2746.

Meanwhile, the US dollar index futures for December 19 slightly edged up by 0.08% or 0.080 points in sessions. And the US dollar index inched up by 0.07% or 0.07 points in this Wednesday’s trading.

Experts say that the greenback will remain the world’s leading reserve currency for 25 more years. Thus, the USD exchange rate will continue to be the main focus of most traders.

Meanwhile, the total central bank reserve shares of the single currency and the renminbi are expected to grow. The information came from a survey among central bankers and forex experts that was released earlier this day.

Global reserves are assets of the central banks that are held in various currencies. These global reserves are primarily used to back the banks’ liabilities.

Other Pairs

In contrast to the British pound’s loss, the single currency gained against the greenback in today’s sessions. The EUR to USD exchange rate fought its way up by 0.10% or 0.0011 points in today’s trading.

The EUR USD pair has recorded ranges from as low as $1.1022 to $1.1060 in Wednesday’s sessions.

Now on the other side of the globe, another pair that’s in focus is the CNY/USD exchange rate. The trading pair declined by 0.24% or 0.0003 points in today’s sessions.

The CNY/USD pair current trades for $0.1409 and has reached levels from $0.1408 to $0.1412 today.

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