TOKYO – The dollar inched up in early Monday trade as riskier currencies slipped after negotiation on a U.S. stimulus package ran into resistance and as the yuan dropped after China’s central bank took a measure seen as aimed at curbing its strength.

The euro slipped 0.15% to $1.1818 EUR= while the Australian dollar shed 0.25% to $0.7223 AUD=D4.

The yen was little changed at 105.65 to the dollar JPY=.

WHY EVERY ONE OF YOUR DOLLARS DURING CORONAVIRUS NEEDS A NAME: DAVE RAMSEY

The U.S. dollar index edged up to 93.104 =USD, bouncing back from Friday’s near-three-week low of 92.997. The index saw its biggest loss in six weeks on Friday on hopes that a deal for new U.S. stimulus would be reached.

President Donald Trump on Friday offered a $1.8 trillion coronavirus relief package in talks with House Speaker Nancy Pelosi – moving closer to Pelosi’s $2.2 trillion proposal.

But Trump’s offer drew criticism from several Senate Republicans, many of whom are uneasy about the nation’s growing debt and concerned a deal would cost Republicans support in the upcoming presidential election, denting the risk-on mood.

The dollar inched up in early Monday trade as riskier currencies slipped after negotiation on a U.S. stimulus package ran into resistance and as the yuan dropped after China’s central bank took a measure seen as aimed at curbing its strength. (iStock


Still, with Nov. 3 election only weeks away, investors bet that Democrat Joe Biden is more likely to win the U.S. presidency and offer a larger economic package.

“On the whole, the big picture has not changed that much,” said Kyosuke Suzuki, director of forex at Societe Generale.

The offshore Chinese yuan dropped after the People’s Bank of

Graphic: World FX rates in 2020 http://tmsnrt.rs/2egbfVh

Graphic: Trade-weighted sterling since Brexit vote http://tmsnrt.rs/2hwV9Hv

LONDON, Oct 9 (Reuters)Sterling edged up against the dollar but fell against the euro after worse-than-expected UK GDP data, while investors focused on Brexit negotiations where the “mood music” was seen to have improved.

Britain’s GDP rose 2.1% in August – the slowest increase since the economy began to recover in May from its record slump. Much of what growth occurred was down to the government’s one-off restaurant subsidy scheme.

The data had limited impact on the pound, which was in its third consecutive day of gains against the dollar and only slightly down versus the euro.

Jeremy Stretch, head of G10 FX strategy at CIBC Capital Markets, said that the GDP data, which calls into question the idea of a V-shaped recovery, had little effect on the market since it was already expected that local lockdown measures would limit economic growth in the fourth quarter.

At 0808 GMT, sterling was at $1.2953, up 0.2% on the day against the dollar. The greenback was heading for a second week of losses as investors increased bets that Joe Biden would win the U.S. presidential election on Nov. 3 and offer fiscal stimulus afterwards.

Versus the euro, the dollar was up around 0.2%, at 91.05 pence per euro EURGBP=D3.

The week has proven volatile for the British currency as Britain and the EU negotiate their future relationship. Hopes that a no-deal Brexit will be avoided have risen in recent days, ahead of the European Council meeting on Oct. 15-16.

Both sides in negotiations have said a deal is possible, but the pound has ricocheted on contradicting headlines about how much progress has been made.

“The last two weeks have seen some brutal whipsawed price

(RTTNews) – Iron Mountain Inc. (IRM), the storage and information management services company, announced Tuesday the formation of a 300 million+ Euro joint venture with an affiliate of AGC Equity Partners, a London-based global alternative asset manager, to design and develop a 280,000 square foot, or 27 megawatt, hyperscale data center currently under development in Frankfurt, Germany.

Frankfurt Data Center is 100% pre-leased to a U.S.-based Fortune 100 customer subject to a 10-year lease agreement. Full build-out of the 27 megawatt data center is expected in the second quarter of 2022.

Iron Mountain will be responsible for managing the design and development of the data center as well as administering the Lease.

Under the terms of the agreement, AGC will own an 80% equity interest and Iron Mountain will own a 20% equity interest in the Venture. AGC contributed cash to purchase its 80% equity interest in the Venture, while Iron Mountain retained a 20% equity interest in the Venture.

Iron Mountain will earn various fees, including property management and construction and development fees for services provided to the Venture.

Debt financing for the Venture is expected to close in the fourth quarter of 2020, with proceeds expected to fund a portion of the planned development and construction costs.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Source Article

LONDON (Reuters) – Sterling fell against the euro on Monday, although losses were limited as most analysts said they expect Britain and the European Union to soon conclude a Brexit deal.

FILE PHOTO: Queen Elizabeth II is seen with printed medical masks on the Pound banknotes in this illustration taken, March 31, 2020. REUTERS/Dado Ruvic/Illustration

Versus the broadly weaker U.S. dollar, the pound rose.

British Prime Minister Boris Johnson and the head of the EU’s executive, Ursula von der Leyen, agreed in a phone call on Saturday to step up Brexit talks to close “significant gaps” barring a new trade partnership.

Both sides said they have made some progress but not achieved yielded a breakthrough.

The EU must show “more realism” if it wants to bridge differences with Britain on fisheries, a spokesman for Johnson said on Monday.

Johnson does not want the Brexit transition to end without a new trade deal in place, he said on Sunday, but he believes Britain could live with such an outcome.

“While we have frequently cautioned that the more uncertain global backdrop has made it harder to express views on the Brexit process in the currency this year, we are encouraged by the pound’s increasingly idiosyncratic price action as the negotiation deadlines draw near,” Goldman Sachs analysts wrote in a note to clients.

Goldman Sachs saw the pound strengthening to 87 pence against the euro and said “investors with a stronger conviction that risk conditions will improve into year-end should consider expressing the view in cable (sterling/dollar) to also benefit from likely dollar depreciation.”

The derivatives market showed that traders have bought more protection against future pound volatility. The cost for one-month options — which encompass the timing of a possible Brexit deal — in sterling/dollar are around their highest level in the

By Jonathan Cable

LONDON, Oct 5 (Reuters)The euro zone’s economic recovery faltered in September with growing evidence sectors and countries in the bloc are diverging as a resurgence of the coronavirus forces the reimposition of restrictions on activity.

A rise in infection rates in Europe, which a Reuters poll concluded last month was the biggest threat to the economic recovery, will concern policymakers who had hoped the euro zone economy was healing after contracting an historic 11.8% in the second quarter. ECILT/EU

Monday’s purchasing managers’ surveys showed services activity, which accounts for around two-thirds of the bloc’s GDP, slammed into reverse after sister surveys last week suggested factories was enjoying something of a revival.

There was also a split between the currency union’s member countries. While Germany’s service industry barely grew in September, strong manufacturing helped the private sector in Europe’s largest economy remain on track for a solid recovery.

But French business activity fell for the first time since June and in Spain the services sector sank deeper into the red as travel restrictions ravaged the summer tourism season.

Italy’s services industry contracted for the second month running with no sign of recovery on the horizon.

“The recovery in industry had been lagging but does seem now to have been catching up whereas services really is bearing the brunt of tighter restrictions,” said Jessica Hinds at Capital Economics.

“In Spain and France in particular, and elsewhere in the euro zone, there has been a tightening up. Fears of a resurgence are adding to consumer caution,” Hinds said.

Meanwhile, Britain’s economy, outside the currency union, proved more resilient than initially thought last month, despite a tightening of lockdown restrictions and an end to a temporary government subsidy for businesses such as restaurants and bars. GB/PMIS

EXTRA SUPPORT