The dollar held near multi-week highs on Monday amid optimism that the United St...
SINGAPORE/TOKYO - The dollar held near multi-week highs on Monday amid optimism that the United States and China would roll back tariffs that have hurt global growth.
Even though that was subsequently denied by U.S. President Donald Trump on Friday, he did not completely rule out a deal and U.S. benchmark treasuries held above a key support level at 1.9%, buoying the currency. “Everyone is looking to price in the improvement in the global growth outlook,” he added, pointing out that future improvement was further supported by an altogether positive earnings season from U.S. companies.
Disappointing economic data also hurt sentiment toward the yuan, as China’s producer prices fell the most in more than three years in October, National Bureau of Statistics data showed on Saturday, while the country’s consumer prices rose at their fastest pace in almost eight years. The yuan’s decline on Monday followed five straight weeks of gains, the longest winning streak in nearly nine month, supported by rising hopes that the world’s two largest economies could strike a deal to de-escalate their trade tension.
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