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 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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