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[size=36]Dollar rises ahead of Trump speech on trade[/size]
Economy | 01:21 - 12/11/2019
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The dollar rose against the yen and the Swiss franc on Tuesday as traders were more optimistic ahead of a speech by US President Donald Trump that is expected to renew postponement of tariff opportunities for European Union-produced cars.
President Trump's speech at the New York Economic Club is expected to move the market as he is due to discuss US trade policy. Traders will also be eager to hear hints about the Trump administration's long-running trade war with China and any progress toward a "phase one" trade deal.
The dollar index, which tracks the performance of the greenback against a basket of six currencies, rose 0.1 percent.
The dollar advanced against the safe-haven currencies, rising 0.2 percent against the yen and the Swiss franc in early trading in London.
The euro fell 0.1 percent against the dollar to $ 1.10225, near a four-week low of $ 1.10165 hit last week.
The New Zealand dollar fell 0.5 percent to 0.6335 against the US dollar, recovering only slightly from last week's low of $ 0.6323.
The Chinese yuan held steady against the dollar at about seven yuan to the dollar, the level the Chinese currency first crossed in August. The yuan has been weakened by political turmoil in Hong Kong and by weak economic data from China.
The dollar was supported last week when comments from the Chinese Ministry of Commerce were interpreted as a sign of progress in abolishing US and Chinese tariffs, causing traders to abandon safe-haven currencies such as the yen.
President Trump's speech at the New York Economic Club is expected to move the market as he is due to discuss US trade policy. Traders will also be eager to hear hints about the Trump administration's long-running trade war with China and any progress toward a "phase one" trade deal.
The dollar index, which tracks the performance of the greenback against a basket of six currencies, rose 0.1 percent.
The dollar advanced against the safe-haven currencies, rising 0.2 percent against the yen and the Swiss franc in early trading in London.
The euro fell 0.1 percent against the dollar to $ 1.10225, near a four-week low of $ 1.10165 hit last week.
The New Zealand dollar fell 0.5 percent to 0.6335 against the US dollar, recovering only slightly from last week's low of $ 0.6323.
The Chinese yuan held steady against the dollar at about seven yuan to the dollar, the level the Chinese currency first crossed in August. The yuan has been weakened by political turmoil in Hong Kong and by weak economic data from China.
The dollar was supported last week when comments from the Chinese Ministry of Commerce were interpreted as a sign of progress in abolishing US and Chinese tariffs, causing traders to abandon safe-haven currencies such as the yen.
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