US Dollar Starts the Week on an Optimistic Note Over Promising Comments on US-China Trade Deal
At the start of a brand new trading week, the US dollar is trading stronger on upbeat developments surrounding the US-China phase one trade deal as well as over optimistic economic data releases from the US. At the time of writing, the US dollar index DXY is trading at around 98.24.
After a tense week when rumors surfaced that the interim trade deal could get pushed into next year, China announced plans for improving IP protection over the weekend, a positive step towards resolving the trade war. On Friday, we also heard promising tones from leaders of both nations who confirmed their interest in working out a trade deal. US National Security Adviser Robert O’Brien also expressed hopes that the partial trade deal could possibly get signed within this year itself.
However, even with trade negotiations progressing well, the Hong Kong protests are emerging as a thorn in the side, threatening to upset diplomatic relations between the US and China and putting some pressure on the US dollar. Last week, the US Senate passed two legislations calling for the support of human rights of anti-government protesters in Hong Kong, a move that has not gone down too well with China.
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