Dollar Holds Ground Against Rivals as Trade Talk Outcome Awaited

Wednesday, 6 November 2019 16:10 WIB

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The dollar held its ground against other major currencies on Wednesday, supported by rising hopes for a U.S.-China trade deal and an improving outlook for the U.S. economy.

As the United States and China work to narrow their differences enough to sign a "phase one" trade deal as early as this month, hopes of a breakthrough have boosted sentiment across world markets.

After sizeable moves on Tuesday, which included a strengthening in China's offshore yuan to three-month highs against the dollar, currency markets moved into wait-and-see mode.

The dollar index, which measures the dollar's value against other major currencies was just 0.1% lower at 97.876 in early European trade after rising 0.4% the previous day.

The euro stood at $1.1077, having dropped 0.5% on Tuesday, and was not far from a near three-week low of $1.10635 hit that session. Against the yen, the dollar was a touch softer on the day at 109.00 yen, but not far from its October high of 109.285.

Source : Reuters


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