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Forex – Dollar Rebounds On Easing Trade Tensions

ForexMar 26, 2018 11:51PM ET
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© Reuters. The dollar rebounded against other currencies in Asia – The dollar rebounded against other currencies in Asia on Tuesday morning amid receding trade tensions between the world’s two largest economies, as the U.S. and China hinted talks to ease fears of a full-blown trade war. The yen nudged lower amid revival of investor risk appetite.

The U.S. dollar index that tracks the greenback against a basket of six major currencies last stood at 88.66 at 11:50PM ET (03:50 GMT), up 0.02%. The dollar picked up after hitting a one-month low at 88.58 early Tuesday morning.

Investors regained an appetite for risky assets as China and the U.S. are reportedly in talks to find a mutually agreeable approach to narrow the trade deficit gap. U.S. Treasury Secretary Steven Mnuchin said he is “cautiously hopeful” that China would reach a deal to avoid tariffs on $50 billion of U.S. exports,

In China, The People’s Bank of China set the fix rate of yuan against the dollar at 6.2816 versus the previous day’s 6.3193, breaking the key 6.3 level. The level was the strongest since August 2015. The USD/CNY pair eased 0.25% to 6.2566.

The yuan gained against the dollar on Monday as the dollar remained weak, and the level reflected the yuan’s performance and largely matched market expectations.

In response to the U.S. action, Chinese Premier Li Keqiang said on the two countries should maintain negotiations and reiterated pledges to ease access for American businesses.

The USD/JPY pair edged up 0.21% to 105.63. The return of investor risk appetite pulled the safe-haven currency lower as the market was recovering from turbulence from last week.

The USD/KRW pair traded at 1,071.29, down 0.41%. The won was the best performer among Asian emerging-market currencies as reports that North Korea’s leader Kim Jong-un made a surprise visit to Beijing caught some attention. The yen slid as risk-on sentiment returned.

The AUD/USD pair traded at 0.7738, down 0.10%. Investors await the Reserve Bank of Australia’s Assistant Governor Kent speech due later in the day to look for cues for the Aussie.

Forex – Dollar Rebounds On Easing Trade Tensions

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