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Forex - U.S. Dollar Edges Up as Traders Await Further News on China Trade Talks

ForexFeb 10, 2019 11:41PM ET
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Investing.com - The U.S. dollar edged up against most other currencies on Monday in Asia as worries about global growth, U.S. politics and the Sino-U.S. trade war underpinned safe haven demand for the greenback.

The U.S. dollar index, that tracks the greenback against a basket of other currencies, was at 96.450 by 11:16 PM ET (04:16 GMT), up 0.1%.

The dollar gained 1.2% against a currency basket last week, driven higher by safe haven demand. It was the currency’s biggest weekly increase since May 2018.

Progress in Sino-U.S. trade talks is likely to be one of the main drivers for the markets this week, as high-level officials gather in Beijing for another round of negotiations starting on Monday after the last meeting between the two sides ended with no deal.

The two nations are trying to reach a trade agreement before a 90-day truce expires on March 1. U.S. President Donald Trump has threatened to double tariffs on Chinese goods if the deadline passes without a deal.

Last week, Trump said he did not plan to meet with Chinese President Xi Jinping before the deadline.

On the data front, investors will get an update on U.S. inflation figures later this week. A consumer prices report is due on Wednesday, while producer prices and December retail sales figures are set to be released on Thursday.

The USD/CNY pair gained 0.5%. The People's Bank of China (PBOC) set the yuan reference rate at 6.7495 on Monday.

The Shanghai Composite and the Shenzhen Component rose in morning trade after returning from a week-long Lunar New Year holiday.

Looking ahead, China is set to publish its latest trade figures on Thursday and data on inflation the day after.

Elsewhere, the AUD/USD pair and the NZD/USD pair both edged up 0.2%.

The Reserve Bank of New Zealand is set to announce its benchmark interest rate and publish a rate statement this week, which outlines economic conditions and the factors affecting the monetary policy decision.

Forex - U.S. Dollar Edges Up as Traders Await Further News on China Trade Talks
 

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