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Forex - U.S. Dollar Slips Amid China, U.S. Trade Talks; Brexit Deal in Focus

ForexDec 10, 2018 11:55PM ET
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Investing.com - The U.S. dollar slipped on reports that Beijing and Washington are preparing their next stage of trade talks, while the pound remained near 20-month lows after British Prime Minister Theresa May called off Tuesday’s vote on her Brexit deal.

The U.S. dollar index traded 0.1% lower to 97.058 after Reuters reported that Chinese Vice Premier Liu He, U.S. Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer spoke on the phone on Tuesday to discuss the roadmap for the next stage of their trade talks.

The conversation came after U.S. President Donald Trump and Chinese President Xi Jinping agreed to pause the planned increase of Jan.1 U.S. tariffs to 25% from 10% on $200 billion of Chinese goods.

Tensions between the two countries remained high following the arrest of the CFO of China’s Huawei Technologies last week.

The USD/CNY pair fell 0.2% to 6.9033 as the People's Bank of China (PBOC) set the yuan reference rate at 6.8996 vs the previous day's close of 6.9099.

Meanwhile, the Indian rupee rebounded after Bank of India reportedly sold the U.S. dollar via the state-run banks for the rupee at around 72.35 level.

Reuters also reported that Reserve Bank of India Governor, Urjit Patel, resigned abruptly on Monday after a months-long tussle over policy with the government.

Elsewhere, the USD/JPY pair fell 0.3% to 113.03.

The AUD/USD pair and the NZD/USD pair both rose 0.2%.

Forex - U.S. Dollar Slips Amid China, U.S. Trade Talks; Brexit Deal in Focus
 

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