US Dollar Trades Steady After Sliding Lower on Trade War Tensions

The US dollar is trading steady after a slight weakness, driven by an improvement in the market sentiment on the back of promising statement

Arslan Butt•Friday, November 15, 2019•1 min read

The US dollar is trading steady after a slight weakness, driven by an improvement in the market sentiment on the back of promising statements by White House Chief Economic Adviser Larry Kudlow regarding the signing of the trade deal. At the time of writing, the US dollar index DXY is trading around 98.14.

On Thursday, the US dollar was driven lower against other major currencies over mounting worries of prolonged weakness in global economic growth as a result of the US-China. Disappointing economic data from China, Japan and Europe lately and uncertainties surrounding the trade deal have kept markets on edge lately.

However, the sentiment improved slightly after Kudlow stated that the US and China had held constructive talks and were progressing towards signing the interim trade deal. Following reports of the possibility of more tariffs on China, this news came as a much-needed relief as far as global financial markets were concerned and helped stem the decline in the US dollar.

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ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.