The euro fell sharply today, reaching its lowest level since November 16 at 1.1337, amid concerns over slowing economic growth in the euro area as investors worried about the Brexit negotiations as well as Italian budget adjustments.
On the other hand, business activity in the euro area slowed more quickly than expected amid fears of a US-China trade war, according to purchasing managers' indexes, so the euro is heading for the biggest weekly drop in a month.
Also, sterling fell significantly by 0.5% after yesterday's strong rally, currently trading slightly above 1.28 as traders take profits before next Sunday's summit, with expectations are mounting that both the EU and Britain will approve the draft.
Despite rising Canadian inflation figures in October, the Canadian dollar was unable to maintain its gains against its US counterpart, with the USDCAD rising strongly towards the 1.3250 levels. The CPI rose by 2.4% on yearly basis in October better than expected, and the Canadian dollar appears to be affected with recent oil price declines.
Oil prices fell to their lowest level in more than a year, their biggest monthly decline since late 2014, despite news that producers will cut production when OPEC meets with allies next month.
