US Dollar Sees Sharpest Daily Gain Over Trade Deal Optimism
Arslan Butt • 1 min read
The US dollar has received some support and is trading slightly stronger on Thursday over positive comments from Trump regarding a trade deal with China. At the time of writing, the US dollar index DXY is trading at around 98.87.
Wednesday was a bad day for the dollar which weakened over reports of an impeachment inquiry into President Trump. Democrat lawmakers from the House of Representatives and House Speaker Nancy Pelosi initiated the inquiry following Trump’s conversations with Ukraine’s President for information on business ties of former Vice President Joe Biden’s son.
However, promising remarks from Trump that a trade deal with China could happen soon drove the sharpest daily gain in three months in the US dollar during Wednesday’s US session. According to Trump, both sides were having “good conversations”, which helped improve the risk appetite in the markets and sent stock markets higher as well.