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Evergreen buck rebounds on relieving trade tensions
On Tuesday, the major US currency rebounded versus other currencies in Asia in the face of decreasing trade tensions between the world’s two leading economies. It’s because China and America started negotiations just to ease worries of a full-blown trade conflict. The Japanese yen dived amid strengthening investor risk appetite.
Tracking the US dollar versus a group of six key currencies the US dollar index last showed 88.66, tacking on 0.02%. The evergreen buck managed to pick up having hit a one-month minimum of 88.58 on Tuesday morning.
Market participants regained their appetite for risky assets because the United States and China are currently in talks for the purpose of finding a mutually agreeable approach just to have the trade deficit gap narrowed. Additionally, US Treasury Secretary Steven Mnuchin told that from his point of view his country and China would finally come to a compromise to avert unnecessary duties on American exports.
Besides this, the People’s Bank of China had the fix rate of Yuan set against the greenback at 6.2816 compared to the previous day’s reading of 6.3193. The move helped to overleap the major 6.3 mark. The level appeared to be the strongest value since August 2015. As a matter of fact, the currency pair USD/CNY headed south 0.25% coming up with 6.2566.
On Monday, the Chinese Yuan managed to surge versus the evergreen buck dollar because the US currency was still weak, while the level clearly reflected the Yuan’s actual performance and generally matched market hopes.
The currency pair USD/JPY pair tacked on 0.21% being worth 105.63. Evidently, the return of investor risk appetite suppressed the safe-haven currency because the market was reviving from the previous week’s turbulence.
In addition to this, the currency pair AUD/USD showed 0.7738, decreasing 0.10%.
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Welcome to Tuesday, people! Here’s your markets update ahead of the European trading session.