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Trade woes, growth concerns keep dollar near 2019 highs


Tuesday, 12 February 2019 07:51 WIB

DOLLARDolar AS


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The dollar held close to its 2019 high on Tuesday as U.S.-Sino trade tensions and global growth worries underpinned the greenback's safe-haven appeal, while the euro and the British pound were hurt by troubles of their own.

Investors are focussing on high level trade talks in China this week where Washington is expected to keep pressing Beijing on long-standing demands that it make sweeping structural reforms to protect American companies' intellectual property, to end policies aimed at forcing the transfer of technology to Chinese companies, and curb industrial subsidies.

This week's talks come as the world’s two largest economies try to hammer out a deal before a March 1 deadline, after which U.S. tariffs on $200 billion worth of Chinese imports are scheduled to increase to 25 percent from 10 percent.

Financial markets have been roiled by the trade tensions over the past year, with business sentiment taking a hit around the world as the fallout of the U.S.-China dispute disrupted factory activity and hurt global growth.

The dollar has gained on other safe havens such as the yen and franc over the last week. It was steady against the yen at 110.37 and a touch higher versus the Swiss franc at 1.0040.

The dollar index was steady at 97.06, after advancing 0.45 percent in the previous session, its largest percentage gain since Jan. 24. The index has risen for eight straight sessions, mainly thanks to a tumbling euro, which has the largest weighting in the index.

The single currency was off slightly at $1.1272 in early Asian trade, having lost nearly half a percent on Monday.

Elsewhere, sterling was marginally higher at $1.2857, after tumbling 0.75 percent in the previous session.

Source: Reuters


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