U.S. Dollar Higher On Progress In U.S.-China Trade Talks
31 December 2018 - 2:20PM
RTTF2
The U.S. dollar was higher against its major opponents in the
Asian session on Monday, as U.S. President Donald Trump claimed
"big progress" in trade talks with China, easing fears over a trade
war that would hurt global growth.
Trump held telephonic conversation with Chinese president Xi
Jinping on Saturday and claimed "big progress" towards a deal.
"Deal is moving along very well. If made, it will be very
comprehensive, covering all subjects, areas and points of dispute.
Big progress being made!," Trump tweeted.
Chinese news agency Xinhua cited President Xi Jinping as saying
that both the nations aimed to achieve "stable progress" in
ties.
The Bloomberg said, citing two people familiar with the matter
that a U.S. government delegation would travel to Beijing in the
week of Jan. 7 to hold the first face-to-face trade talks with
Chinese officials since Trump and China's Xi Jinping agreed on a
90-day truce in Argentina earlier this month.
Traders awaited developments in Washington after political
commentators suggested an agreement to end the partial government
shutdown is unlikely to be reached before Democrats take control of
the House next Thursday.
The U.S. economic calendar for this week starts off relatively
quiet, although the Labor Department's monthly jobs report is
likely to be in focus later in the week.
The greenback appreciated to 0.9859 against the franc, following
a decline to 0.9828 at 5:15 pm ET. If the greenback extends rise,
1.00 is likely seen as its next resistance level.
The greenback advanced to a 4-day high of 1.1422 against the
euro, after having dropped to 1.1450 at 7:40 pm ET. The greenback
is seen finding resistance around the 1.13 mark.
After falling to 1.2703 against the pound at 6:00 pm ET, the
greenback reversed direction and moved up to 1.2680. The greenback
is likely to test resistance around the 1.25 region.
The greenback reached as high as 110.48 against the yen and held
steady thereafter. At last week's close, the pair was worth 110.25.
On the upside, the greenback is likely to challenge resistance
around the 112.00 level.
On the flip side, the greenback declined to 4-day lows of 0.6721
against the kiwi and 0.7070 against the aussie, from its early
highs of 0.6703 and 0.7042, respectively. Next key support for the
greenback is seen around 0.685 against the kiwi and 0.725 against
the aussie.
The greenback reversed from an early high of 1.3638 against the
loonie, falling to 1.3611. The next possible support for the
greenback is seen around the 1.35 area.
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