Dollar Rebounds as Washington, Beijing Tamp Down Trade Tensions

Tuesday, 27 August 2019 08:27 WIB

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The dollar held firm on Tuesday after some signs of rapprochement between Washington and Beijing soothed investors’ nerves after trade tensions between the world’s biggest economies escalated yet again late last week and over the weekend.

The dollar traded at 106.02 yen, flat in early Asia after having rebounded from near eight month lows of 104.46 touched on Monday.

Speaking on the sidelines of the G7 summit of world leaders in France on Monday, U.S. President Donald Trump said Chinese officials had contacted U.S. trade counterparts overnight and offered to return to the negotiating table.

The euro stood at $1.1101, having shed 0.4% in the previous session.

The safe-haven Swiss franc also stepped back to 1.0867 per euro from Monday’s 1.0840, reflecting the slight easing in risk aversion.

Sterling traded at $1.2221, after a 0.5% fall on Monday as investors reassessed whether British Prime Minister Boris Johnson had made any progress in convincing the European Union to renegotiate the Brexit agreement.

Source : Reuters


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