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Dollar Index Hits 1-Week High as Trade Truce Spurs Risk Appetite


Monday, 1 July 2019 15:19 WIB

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c_740_198_16777215_00_images_assets_CURRENCY3_00Australian-dollar-versus-USD.jpg

The dollar rose to one-week highs against a currency basket on Monday as a trade truce between the U.S. and China dampened demand for safe haven currencies, such as the yen and the Swiss franc.

After meeting Chinese President Xi Jinping in Japan on Saturday on the sidelines of Group of 20 summit, U.S. President Donald Trump said he would hold back on new tariffs and that China will buy more farm products.

The dollar was up 0.6% at 108.48 yen by 03:13 AM ET (07:14 GMT) after going as high as 108.53 overnight.

Supported by the greenback's rise against the yen, the U.S. dollar index against a basket of six major currencies added 0.5% to 96.15.

The dollar was up 0.8% to 0.9837 against the traditional safe haven Swiss franc.

The euro fell 0.43% to 1.1318.

Investors were looking ahead to the Institute of Supply Management's manufacturing index for June later in the day.

The Australian dollar, sensitive to the economic fortunes of China, the country's largest trading partner, was down 0.34% at 0.6995.

Source: Investing.com


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