U.S. government delegation would travel to Beijing in the week of Jan. 7 to hold the first face-to-face trade talks with Chinese officials since Trump and Chinese President Xi Jinping agreed to a 90-day truce during a G20 meeting in Argentina earlier this month.
Dollar was flat on Friday morning in Asia after U.S. President Donald Trump tweeted over the weekend that trade talks with China are progressing well.
USD/CNY was trading at 6.8784 with Chinese markets closed on the last day of the year. CNY came under pressure Monday as the National Bureau of Statistics released the official Purchasing Managers’ Index, which showed the country’s first manufacturing decline in more than two and a half years. The manufacturing PMI slid to 49.4, with a reading below signalling contraction.
USD/JPY pair gained 0.15% with the yen trading at 110.42. The safe-haven yen was sought-after at the end of the year as investors entered into risk-off mode over concerns of slowing global economic growth.
Oil prices rose on Monday morning in Asia, after hitting the lowest level in 18 months last week. A drop in oil rigs in North America may have pushed up prices. The U.S. added two oil rigs but Canada slashed as many as 43 as of Dec. 28 from a week earlier.
Gold prices edged down on Monday in Asia as U.S. President Donald Trump sent positive signals to ease U.S.-China tensions, undermining the appeal of the safe-haven asset. Despite a small drop, gold prices hovered near a six-month high, well above the $1,280 level.
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