Dollar Holds Gains As Investors Cling To Trade Hopes

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SINGAPORE (Reuters) – The dollar clung to most of its recent gains on Wednesday after U.S. President Donald Trump said a trade deal with China was “close” but offered no new details on negotiations to send the greenback higher.

Hopes for an imminent a deal to wind back ****-for-tat tariffs the world’s two largest economies have imposed on each other have lifted the dollar 1% this week to a one-month high of 98.423 overnight against a basket of currencies .

Moves - Investors - Trade - News

It slipped a little lower to 98.309, though moves were modest as investors waited for more concrete trade news.

Antipodean currencies trod water ahead of a central bank rate-setting decision in New Zealand and after data showed Australian wages growth further slowed, as expected, in the third quarter.

Trump - Speech - Economic - Club - New

Trump’s overnight speech at the Economic Club of New York reprised well-worn criticism of the U.S. Federal Reserve for failing to cut interest rates deeply enough and rhetoric about China’s “cheating” on trade.

However he did say a deal “could happen soon,” which was enough keep the dollar from slipping.

Detail - Markets - Wiser - National - Australia

“(It) was heavy on rhetoric and light on detail, leaving markets none the wiser,” National Australia Bank’s senior FX strategist Rodrigo Catril said in a note.

The dollar hit a month-high against the euro overnight and steadied near that level at $1.012 on Wednesday.

China - Yuan - Mark

China’s yuan weakened past the 7-per-dollar mark...

(Excerpt) Read more at: www.oann.com

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