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Forex News: U.S. Dollar Advances On U.S.-Mexico Trade Deal

U.S. Dollar Advances On U.S.-Mexico Trade Deal

06/10/2019 - 03:53:00 (RTTNews)

(RTTNews) - The U.S. dollar gained ground against its major counterparts in the Asian session on Monday, as fears over trade worries ebbed after U.S. President Donald Trump halted plans to impose tariffs on Mexico.

"The tariffs scheduled to be implemented on Monday are hereby indefinitely suspended," Trump tweeted. "Mexico, in turn, has agreed to take strong measures to stem the tide of Migration through Mexico, and to our Southern Border."

According to the immigration deal, Mexico would deploy its national guard and strengthen a program that places migrants seeking asylum in the US in Mexico.

Over the weekend, Group of 20 (G20) finance leaders pledged to protect global growth in a joint communique but failed to express a pressing need to resolve trade and geopolitical tensions.

After meeting China's central bank Gov. Yi Gang on the sidelines of the same gathering, U.S. Treasury Secretary Steven Mnuchin said on Twitter that the meeting was constructive and they had "candid discussion on trade issues." He did not give further details.

The greenback strengthened to a 10-day high of 108.68 against the yen, from a low of 108.37 touched at 8:30 pm ET. The greenback is seen finding resistance around the 110.00 region.

The greenback climbed to 0.9911 against the franc and 1.1303 against the euro, reversing from its early lows of 0.9883 and 1.1331, respectively. The next possible resistance for the greenback is seen around 1.01 against the franc and 1.12 against the euro.

Following a decline to 1.2735 against the pound at 6:00 pm ET, the greenback reversed direction and appreciated to 1.2701. The greenback is likely to find resistance around the 1.24 level.

The greenback advanced to 0.6966 against the aussie and 0.6625 against the kiwi, coming off from its previous lows of 0.7007 and 0.6662, respectively. Next key resistance for the greenback is seen around 0.68 against the aussie and 0.645 against the kiwi.

The greenback bounced off to 1.3277 against the loonie, from an early more than 3-month low of 1.3238, and held steady thereafter. At last week's close, the pair was quoted at 1.3266.

Looking ahead, U.K. industrial production, GDP, trade data and construction output, all for April, are due in the European session.

In the New York session, Canada housing starts for May and building permits for April are scheduled for release.

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