The Greenback weakened across the board on Monday as investor demand for riskier assets rose after China and the U.S. agreed to a ceasefire in their trade war that has shaken global markets.
Trump told China’s President Xi Jinping at the G20 talks in Argentina that he would not raise tariffs on $200 billion of Chinese goods to 25 percent on Jan. 1 as previously announced.
Riskier currencies such as the Australian dollar and New Zealand dollar rallied 0.6% and 0.3% respectively.
while safe haven currencies such as the yen and the Swiss franc traded weaker in early Asian trade.
The dollar lost 0.44% versus the offshore yuan, to quote at 6.9187. In onshore trade, the yuan traded at 6.9277.
Yen weakened to 113.68 on Monday, with the greenback gaining 0.2 percent, reflecting the prevailing risk-on mood.
The euro gained 0.26% to $1.1353 amid heavy dollar selling.
The euro gained 0.34 percent on the yen to 128.89, briefly hitting an intra-day high of 129.37, its highest level since Nov. 9.
The dollar had come under pressure last week when the market took comments by Federal Reserve Chair Jerome Powell as hinting at a slower pace of rate hikes.
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