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Dollar is down against the major currencies after the agreement between China and the United States

2018-12-03 11:15 am | Resource: News | No Views : 41

 Dollar fell broadly against a basket of currencies on Monday after the United States and China pulled out of a spike in their trade war, prompting investors to take risks and slack demand for a safe haven for the US currency.

 The United States and China have agreed to announce a truce on common trade disputes, under which Washington will not introduce a 200-billion-dollar increase in import tariffs from Beijing on Jan. 1. At the same time, the US side stressed that if no agreement is reached at the end of that period, tariffs will rise from 10% to 25%.

 Besides trade, investors will also shift interest to US monetary policy, ahead of a Fed rate hike at its next meeting later this month, which will be the fourth price hike this year.

Similarly, the US currency has benefited from deepening the trade dispute between Washington and Beijing this year and has received wide gains from mutual actions and threats between the two countries. The Dollar was under pressure last week after comments from Federal Reserve Chairman Jerome Powell as evidence that the Fed may slow its rate hike program.

 The dollar index, which measures the strength of the dollar versus a basket of six major currencies, fell 0.51% to 96.69 at 0914 GMT.
  • The euro was up against the US dollar, with EUR / USD gaining 0.42% to hit 1.1363.
  • The AUD / USD rose by 1.09% to 0.7386
  • The pound also rose, with GBP / USD gaining 0.26% to 1.2783.
  • The New Zealand dollar was up against its US counterpart by 0.84% ​​to hit 0.6924.
  • The greenback was down against the yen, with shedding 0.12% to hit 113.42.

Other analysis

USD/JPY Technical analysis 14 December 2018

Time frame Used - four hours The USDJPY is moving in a bullish direction in the near term. The USDJPY faced resistance and selling pressure nearly of the resistance level of 113.58 to retract to the support level 113.20 Then start to bounce back again. In view of the technical indicators Both the RSI and the Stochastic are indicating signs of recovery. Therefore, we expect that the USDJPY will test…

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