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Forex News: U.S. Dollar Advances On Trump Trade Remarks

U.S. Dollar Advances On Trump Trade Remarks

08/26/2019 - 06:28:00 (RTTNews)

(RTTNews) - The U.S. dollar strengthened against its major counterparts in early European deals on Monday, following U.S. President Donald Trump's positive comments on trade suggesting the restart of trade talks with China.

Speaking on the sidelines of the G7 meeting in Biarritz, France, Trump said that China has requested U.S. trade team to continue negotiations and he would accept the offer.

"China called last night our trade people and said let's get back to the table," Trump told.

China's Vice Premier Liu He remarked that Beijing is ready to solve the problem through consultation and cooperation with a calm attitude.

China firmly opposes the escalation of the trade war, he told at the opening ceremony of 2019 Smart China Expo in Chongqing.

Markets viewed these comments as indications of de-escalation of the trade war, after both sides announced tit-for-tat tariffs on others' goods on Friday.

The greenback has been trading higher against its major opponents in the previous session, excepting the pound.

The greenback rose to 1.2234 against the pound, from a low of 1.2285 hit at 6:15 pm ET. The currency is likely to find resistance around the 1.20 level.

Following near a 2-week low of 1.1164 seen at 6:30 pm ET, the greenback reversed direction and edged higher to 1.1111 against the euro. The greenback is seen finding resistance around the 1.08 level.

Survey results from Munich-based Ifo institute showed that German business confidence weakened more than expected in August to the lowest since late 2012.

The business climate index fell to 94.3 in August from revised 95.8 in July. This was the lowest since November 2012 and below the forecast of 95.0.

The greenback bounced off to 105.99 against the yen, from near an 8-month low of 104.45 it touched at 6:15 pm ET. If the greenback rises further, 109.00 is possibly seen as its next resistance level.

Final data from the Cabinet Office showed that Japan's leading index eased to the lowest level in nearly nine-and-a-half years in June, as initially estimated.

The leading index, which measures the future economic activity, fell to 93.3 in June from 94.9 in May.

The greenback appreciated to 0.9798 against the franc, after having dropped to near a 2-week low of 0.9713 at 6:15 pm ET. Next key resistance for the greenback is seen around the 0.96 area.

On the flip side, the greenback dropped to 1.3285 against the loonie and 0.6767 against the aussie, from its early high of 1.3319 and near a 3-week high of 0.6690, respectively. The greenback is poised to challenge support around 1.30 against the loonie and 0.71 against the aussie.

The greenback held steady against the kiwi, after having retreated from a 4-day high of 0.6341 at 6:30 pm ET. At last week's close, the pair was worth 0.6394.

Data from Statistics New Zealand showed that New Zealand's trade deficit widened in July from last year as exports declined amid an increase in imports.

Exports of goods fell 5.8 percent annually to NZ$5 billion in July. Meanwhile, imports advanced 3.1 percent to NZ$5.7 billion.

The U.S. durable goods orders for July are scheduled for release in the New York session.

For comments and feedback: contact editorial@rttnews.com

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