Dollars Move Slightly Ahead of Trade Talks
After finding some support, dollars traded nearly flat on Tuesday. Investors in Asia are awaiting the results of the US-China trade talks in Washington later this week.
The US dollar index last traded at 98.657, or 0.01% down from its last close.
Meanwhile, against the CNY, the dollar dropped 0.3% to 7.1261.
Over in Europe, the British pound extended its losses as EU leaders doubted whether a Brexit deal would come out on time. The deadline for the Brexit is on October 31, giving the two sides only three weeks to hammer out a deal.
The GBPUSD pair lost 0.1%, while the EURUSD pair rose up 0.1%. Both the AUD and NZD gained 0.2% and 0.4%, respectively, against the USD.
The Japanese yen, on the other hand, declined as the broader market climbed up. Against the yen, the greenback gained 0.1% to 107.
Currency Traders Await Trade Talks
On Thursday, high-level trade talks will resume. Chinese Vice Premier Liu He is meeting with US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin.
The market isn’t expecting a trade deal to come out of the trade talks immediately. That’s because of reports that suggested the Chinese side was becoming increasingly reluctant to pursue a broader agreement.
Moreover, tensions are higher after the US put eight Chinese technology companies on a blacklist. The US government cited accusations of human rights violations.
Trump Under Investigation
Over in the US, President Donald Trump is facing more problems. A New York Court recently required him to turn over eight years of personal and corporate tax returns.
Trump is facing allegations of breaking a New York state law by reimbursing his former lawyer Michael Cohen for payments he made to Stormy Daniels, a porn star, during the 2016 election.
The president will probably appeal that sitting presidents have immunity from criminal prosecution.
- Trading Instrument
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