Dollar Strengthens On US-China Trade Truce
30 Junio 2019 - 10:32PM
RTTF2
The U.S. dollar spiked higher against its major opponents in the
Asian session on Monday, as news of U.S. President Donald Trump and
Xi Jinping agreeing to resume trade negotiations over the weekend
tempered worries over the global economy.
At the G20 Summit held in Japan, Trump and Xi agreed to restart
talks over the coming months, relieving fears of a full-blown trade
war.
The U.S. agreed to put off additional tariffs on Chinese goods
indefinitely while removing some curbs on Huawei Technologies Co.
buying high-tech equipment from the U.S. In response, China said it
would buy large amounts of American farm products.
Further underpinning sentiment was Trump's historic visit to
North Korea, clearing way to resume discussions in the coming
weeks.
Investors shrugged off data showing that Chinese manufacturing
activity contracted for the first time in four months in June on
trade disputes.
The Caixin manufacturing PMI dropped to 49.4 from 50.2 in May as
trade tensions caused renewed declines in total sales, export
orders and production.
The greenback appreciated to 10-day highs of 1.1322 against the
euro and 0.9836 against the franc, from its early lows of 1.1371
and 0.9779, respectively. The greenback is likely to target
resistance around 1.11 against the euro and 1.00 against the
franc.
Reversing from its early low of 1.3070 against the loonie and
near a 2-month low 0.7035 against the aussie, the greenback climbed
to 4-day highs of 1.3108 and 0.6991, respectively. If the greenback
extends rise, 1.33 and 0.68 are possibly seen as its next
resistance levels against the loonie and the aussie,
respectively.
The greenback edged higher to 0.6697 against the kiwi, from a
2-1/2-month low of 0.6727 hit at 7:00 pm ET. The next possible
resistance for the greenback is seen around the 0.65 mark.
The greenback advanced to 1.2679 against the pound, after
falling to 1.2706 at 10:20 pm ET. On the upside, 1.24 is possibly
seen as the next resistance for the greenback.
The U.S. currency rose back to 108.46 against the yen, not far
from near a 2-week high of 108.51 set at 6:55 pm ET. The greenback
is poised to face resistance around the 111.00 level.
Looking ahead, PMIs from major European economies, U.K. mortgage
approvals and Eurozone jobless rate for May are due in the European
session.
In the New York session, U.S. construction spending for May and
ISM manufacturing index for June will be out.
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