An exchange of olive branches between Washington and Beijing on trade pushed the...
SINGAPORE - An exchange of olive branches between Washington and Beijing on trade pushed the dollar to a six-week high against the safe-haven yen on Thursday and also supported the risk-sensitive currencies of China, Australia and South Korea.
The thaw in hostilities supported broader risk appetite in global financial markets with the Chinese yuan jumping 0.2% to 7.0861 in offshore trade, its highest in three weeks. The trade-exposed Korean won hit a six-week peak of 1,185.67 per dollar. The Australian dollar rose 0.2%.“It’s a conciliatory move,” said Joe Capurso, senior currency strategist at the Commonwealth Bank of Australia in Sydney, while warning not to get too carried away.
The single currency has shed 3.5% since June and fell to a one-week low of $1.0983 overnight. It was steady at $1.1010 in Asian morning trade. “Market reaction will likely hinge on the confirmation of a rate cut,” said David de Garis, a director of economics and markets at National Australia Bank in London.
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