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[size=36]Trade hopes raise the dollar and expectations of a rate cut hamper the Australian currency[/size]
Economy | 09:53 - 27/11/2019
Follow - up to the balance of News
dollar made modest gains on Wednesday, as investors look forward to the likely outcome of trade talks extended long ago between the United States and China, while the Australian dollar stumbled on expectations by facilitating monetary policy.
Against the yen, the dollar was trading at 109.12 yen, below a two-week high of 109.205 hit on Tuesday. The US currency has been supported by signs that Washington and Beijing are close to signing an agreement to end their 16-month-old trade dispute.
The US currency rose slightly against the euro and the pound, to record in the latest trading 1.1012 dollars to the euro and 1.2853 dollars to the pound sterling, the two levels represent little change this week.
The Australian dollar was down 0.2 percent at $ 0.6774. Trading is slowing ahead of Thursday's Thanksgiving holiday in the United States.
US President Donald Trump said overnight that Washington was in "final labor" to work on a deal to defuse the trade war, after top negotiators from both sides held a telephone conversation on Tuesday.
But he also stressed Washington's support for protesters in Hong Kong, a possible point of contention with China.
If the two sides do not reach an agreement soon, the next important date to be monitored is December 15, when Washington is set to impose more tariffs on Chinese goods.
Profits of Chinese industrial companies contracted at the fastest pace in eight months in October, official data showed on Wednesday, underscoring the slowing momentum in the world's second-largest economy.
The Chinese yuan has stabilized, as weakness also strengthens the case for deepening monetary easing. The yuan was trading in the latest trading at 7.0291 for the US currency
dollar made modest gains on Wednesday, as investors look forward to the likely outcome of trade talks extended long ago between the United States and China, while the Australian dollar stumbled on expectations by facilitating monetary policy.
Against the yen, the dollar was trading at 109.12 yen, below a two-week high of 109.205 hit on Tuesday. The US currency has been supported by signs that Washington and Beijing are close to signing an agreement to end their 16-month-old trade dispute.
The US currency rose slightly against the euro and the pound, to record in the latest trading 1.1012 dollars to the euro and 1.2853 dollars to the pound sterling, the two levels represent little change this week.
The Australian dollar was down 0.2 percent at $ 0.6774. Trading is slowing ahead of Thursday's Thanksgiving holiday in the United States.
US President Donald Trump said overnight that Washington was in "final labor" to work on a deal to defuse the trade war, after top negotiators from both sides held a telephone conversation on Tuesday.
But he also stressed Washington's support for protesters in Hong Kong, a possible point of contention with China.
If the two sides do not reach an agreement soon, the next important date to be monitored is December 15, when Washington is set to impose more tariffs on Chinese goods.
Profits of Chinese industrial companies contracted at the fastest pace in eight months in October, official data showed on Wednesday, underscoring the slowing momentum in the world's second-largest economy.
The Chinese yuan has stabilized, as weakness also strengthens the case for deepening monetary easing. The yuan was trading in the latest trading at 7.0291 for the US currency
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