News

Safe Haven Yen Glided as US-China Trade Tensions Persist

On Monday, the safe-haven Japanese yen glided lower versus the other major currencies. This was after risk appetite progressed after two days of trade talks.

Officials described the negotiations as “productive”.

The dollar inched higher against the yen, rising from 0.1% to 107.72. Meanwhile, the euro also increased its ground. It is in comparison to the Japanese currency, escalating 0.1% to 118.66.

In Japan, markets were closing for the holiday. The winding up has resulted for the trade volumes to continue weakly.

On Friday, a U.S.-China trade breakthrough has appeared to be doubtful. In a news report, President Donald Trump indicated that he was “not looking” for a partial deal.

Moreover, Chinese officials all of a sudden canceled goodwill visits to U.S. farmers.

The U.S. Trade Representative’s office issued a brief statement indicating the two days of negotiations with China as “productive.”

The releasing of the announcement happened over the weekend. The next high-level trade talks will take place in October, following their schedule.

Prospects of the Inclusive Agreement

Meanwhile, China’s Commerce Ministry termed the negotiations as “constructive” in a brief statement.

The ministry also said that they had a good conversation on “detailed arrangements” for the talks in October.

Related Post

In addition, the U.S. eliminated tariffs from more than 400 Chinese products. This is in response to the appeal from U.S. companies.

Markets still remain skeptical regarding the possibility of a deal soon, despite the better tone.

The dollar was mostly flat around 98.18 against a basket of currencies.

However, it has shifted a little versus the euro at 1.1008.

U.S. Dollar-Yen exchange rate weakened on the headlines, with the yen sliding 0.15% versus the U.S. dollar to 107.71.

On Friday, the British pound was slowing down from 0.14% to 1.2457. This happened after collapsing from a two-month high.

In the meantime, Brexit deal prospects were diminishing.

Moreover, British Prime Minister Boris Johnson was sending warnings against the possibility of a breakthrough on Monday.

Meanwhile, if the U.S. and China trade tension may be resolved, there’s still a chance for more negotiations.

Recent Posts

AUD/JPY Climbs Back to 102.20, Halting Losses

Key Points: AUD/JPY broke below a rising wedge, signalling possible bearish momentum, with immediate resistance at 103.00 and support at…

2 days ago

EUR/JPY Hit 168.25, Boosted by 0.3% Q1 GDP Growth

Key Points EUR/JPY Rises to 168.25: Strengthened by robust Eurozone economy and steady ECB policy. Eurozone GDP Grew by 0.3%…

2 days ago

Chinese Electric Vehicle Market: Nio Stock Up 20%

Key Points: Nio's shares hit 44.20 HKD, up 20%, with electric vehicle deliveries up 134.6% year-on-year to 15,620. BYD leads…

3 days ago

Ethereum Price Dips Below $3,120 Amid Market Slump

Key Points: Ethereum fell sharply from $3,355 to a low of $2,813, reflecting high volatility and sensitivity to market dynamics.…

3 days ago

Stock Markets: Nikkei Down 0.1%, Hang Seng Up 2.4%

Key Points Nikkei 225 slightly fell by 0.1%, while the Hang Seng index surged by 2.4%. USD/JPY increased slightly, highlighting…

3 days ago

Gold Price Increases to ₹71,278 and $2,328

Key Points: Gold prices rose on MCX India to ₹71,278/10 gm and COMEX US to $2,328/oz. The US Dollar Index…

3 days ago

This website uses cookies.