Forex - U.S. Dollar Unchanged Amid Persistent Uncertainty Over Trade Talk Progress
Investing.com
Published Nov 25, 2019 12:09AM ET
Investing.com - The U.S. dollar was unchanged on Monday in Asia amid persistent uncertainty over Sino-U.S. trade talk progress.
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The U.S. Dollar Index last traded at 98.180 by 12:01 AM ET (04:01 GMT).
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Reuters cited sources from the U.S. and China and reported that a phase two trade agreement is looking less likely as China and the U.S. are struggling to even reach a preliminary phase one deal. Reuters previously reported that the signing of a partial trade deal might slide into next year.
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The news came after Chinese President Xi Jinping said last week that Beijing wants to work out an interim or 'phase one' trade pact but is not afraid to retaliate when necessary.
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U.S. President Donald Trump also said on Friday a trade accord with China is "potentially very close," before adding, "The question is whether or not I want to make it."
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The dollar rose in the previous session after data showed U.S. factory and services activity accelerated in November, bolstering the outlook for the economy. Despite the gain, the dollar was largely range-bound last week and inched up 0.3%.
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IHS Markit said its “flash” purchasing managers index for manufacturing rose to 52.2 in November from a final reading of 51.3 in October, while its preliminary services PMI increased to 51.6 this month from 50.6 last month.
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On the data front, U.S. consumer confidence data is due on Tuesday. Durable goods orders and a second reading on third quarter GDP will also be closely watched.
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The USD/CNY pair slipped 0.1% to 7.0356.
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The safe-haven yen slipped as Asian stocks traded higher today. The USD/JPY pair gained 0.1% to 108.75.
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The EUR/USD pair was unchanged at 1.1021. Friday’s preliminary inflation data on euro zone is expected to be in focus.
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The GBP/USD pair inched up 0.1% to 1.2846.
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Written By: Investing.com
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