Forex - U.S. Dollar Near Flat; Trade Developments in Focus
Investing.com
Published Nov 07, 2019 11:45PM ET
Investing.com - The U.S. dollar was near flat on Friday in Asia as traders digested the latest trade news.
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The USD/CNY pair inched up 0.1% to 6.9765 by 11:34 PM ET (03:34 GMT).
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The People’s Bank of China on Friday set its daily midpoint fix stronger than 7 yuan per dollar for the first time since early August.
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On the Sino-U.S. trade front, the two sides seemed to have made some breakthrough as a spokesperson for China’s Commerce Ministry said the Beijing and Washington have agreed to roll back some of the existing tariffs on each others’ goods.
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The news came on the back of reports from earlier this week that U.S. President Donald Trump and Chinese leader Xi Jinping may not be able to sign a partial trade deal this month as previously planned.
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The signing may get delayed until December and will probably happen outside of the U.S., todays’ report suggested.
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Markets widely expected the deal to be signed at an international summit in Chile this month. The summit was cancelled because of protests in the capital, Santiago.
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The U.S. Dollar Index that tracks the greenback against a basket of other currencies was near flat at 97.970.
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The AUD/USD pair fell 0.2% to 0.6883. The Reserve Bank of Australia said in a 81 page quarterly statement on monetary policy released on Friday that the country’s economy was “gradually coming out of a soft patch.”
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Global markets also appeared to have passed a “trough of pessimism,” the central bank said.
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The British Pound was little changed against the U.S. dollar but traded near a two-week low after two Bank of England unexpectedly voted to cut interest rates.
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The cut was due to uncertainties posed by concerns surrounding Britain's exit from the European Union, the central bank said.
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The EUR/USD pair was also little changed.
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The USD/JPY pair last traded at 109.23, down 0.03%.
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Written By: Investing.com
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