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Dollar dips on trade optimism, U.S.-China talks awaited
Monday, 20 August 2018 07:45 WIB | CURRENCIES |DOLLARDolar AS

The dollar sagged on Monday as investor demand for the safe-haven currency receded on optimism over a reduction in U.S.-China trade tensions, with the focus on discussions between the two countries due this week.

The dollar index against a basket of six major currencies was little changed at 96.126 after losing 0.55 percent on Friday.

Escalating trade tensions between the United States and its trading partners, in addition to a plunge in the Turkish lira, has taken a heavy toll on emerging market currencies.

These strains pushed the dollar index to 96.984 last Wednesday, its highest since June 2017.

But the dollar™s advance halted ahead of lower-level trade talks between Chinese and U.S. officials in Washington scheduled for Tuesday and Wednesday.

Receding fears over the Turkish lira™s late plunge on Friday reduced risk aversion in the broader markets, lifting the euro.

The euro, which had slid to a 13-month low early last week amid concerns that the Turkish crisis could hurt European banks, managed to bounce on Friday, taking the lira™s retreat in stride.

The single currency rose 0.55 percent on Friday and last stood little changed at $1.1436.

The dollar was unchanged at 110.51 yen after shedding 0.35 percent on Friday.

Source: Reuters

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