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Dollar Edges Up Ahead Of Potentially Market-Moving Trump Trade Speech


Tuesday, 12 November 2019 16:50 WIB

DOLLAR


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The dollar was stronger against the yen and Swiss franc on Tuesday as traders grew optimistic ahead of a speech by U.S. President Donald Trump, during which he is expected to again postpone imposing tariffs on European Union autos.

Trump’s speech to the Economic Club of New York is expected to be market-moving as he is scheduled to discuss U.S. trade policy. Currency traders will also be listening for hints about the Trump administration’s long-running trade war with China, and any progress towards the “phase one” trade deal.

Versus a basket of currencies, the global dollar index .DXY rose 0.1%.

The dollar strengthened against safe haven currencies: it was up 0.2% against both the Japanese yen JPY=EBS and the Swiss franc CHF=EBS in early London trading.

The euro was down by 0.1% against the dollar at $1.10225 EUR=EBS, close to the four-week low of $1.10165 it fell to last week.

The New Zealand dollar was down 0.5% at 0.6335 versus the U.S. dollar, only slightly recovered from the low of $0.6323 it reached last week NZD=D3 after a central bank survey showed the country's near-term inflation expectations dropped, increasing traders' expectations of a rate cut this week.

Source : Reuters


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