Let us check the market. The Australian dollar traded up by 0.3% at 0.6928. This was after it raised to 0.6935. That was the highest indicator it had since June 16. Before that, it had fallen by 0.7%.
In the offshore market, the overseas Chinese yuan pared much of its earlier losses to trade at 7.0669 per dollar. It was up by 0.2% on the day.
Against the greenback, the safe-haven Japanese yen fell by 0.2% to 107.10.
The euro rose by 0.3% to $1.1306, which is a one-week high.
Hardman said that there was also a brief flurry of demand for the United States dollar between 2 a.m. and 3 a.m. London time. That dragged the euro/dollar pair to a low of $1.1233. Nevertheless, the United States dollar strength proved short-lived.
Elsewhere, Scandinavian currencies rebounded as well. Against the dollar, the Norwegian crown rallied by more than 1%. Against the euro, the Norwegian crown rallied by 0.7%.
The Australian Dollar and Other Currencies
After slipping earlier, the Australian dollar raised to a 1-week high. The Japanese yen fell after reaching a six-day low against the dollar.
Peter Navarro is a White House trade adviser. He said that him saying that the trade deal with China was “over” was taken out of context. Thus, on Tuesday, the euro, along with other currencies, were higher.
French business activity rebounded more than forecast in June. The common currency got a boost because of that. Thus, after three months of an unprecedented downturn, it returned to growth.
On Monday, Navarro said that the trade deal with China will continue. Thus, Navarro took a step back from earlier remarks that the pact was over – the coronavirus pandemic frazzled the stocking volatility in markets.
Meanwhile, the United States President Donald Trump announced that the deal with China is fully intact.
Having fallen earlier, the Australian dollar rose to a one-week high.
This is the current news of the market.