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Yen Gains But Yuan, Aussie Dip as U.S.-China Trade War Escalates


Monday, 13 May 2019 07:25 WIB

YenDolar AS YuanSwissFrancAussieDolar


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The safe-haven yen edged higher and the Chinese yuan and Australian dollar dipped early on Monday after the latest escalation in the trade war between the United States and China.

The world’s two biggest economies appeared at a deadlock over trade negotiations on Sunday as Washington demanded promises of concrete changes to Chinese law and Beijing said it would not swallow any “bitter fruit” that harmed its interests.

The trade conflict had escalated on Friday, with the United States hiking tariffs on $200 billion worth of Chinese goods. China has vowed to retaliate but has not given details.

The dollar was 0.3 percent lower at 109.650 yen, near a three-month low of 109.470 brushed late last week.

The Chinese yuan weakened about 0.3 percent to 6.866 per dollar in offshore trade, its lowest in four months.

The Australian dollar shed 0.15 percent to $0.6990. The currency is sensitive to shifts in risk sentiment and also serves as a liquid proxy of trades related to China, the country’s largest trading partner.

The dollar lost 0.1 percent to 1.010 Swiss francs, a safe haven along with the yen, after going as low as 1.009 on Friday, its weakest in nearly a month.

Source : Reuters


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