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Forex News: Dollar Strengthens On US-China Trade Truce

Dollar Strengthens On US-China Trade Truce

07/01/2019 - 03:32:00 (RTTNews)

(RTTNews) - 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.

For comments and feedback: contact editorial@rttnews.com

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