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Yen sags, yuan soars after U.S-China trade truce
Monday, 1 July 2019 07:44 WIB | CURRENCIES |Currency Yen

The yen sagged and the yuan rose in early Monday trade after the United States and China agreed to restart trade talks as U.S. President Donald Trump offered concessions on new tariffs and restrictions on tech company Huawei.

The dollar rose 0.4% to 108.37 yen, extending its recovery from near six-month low of 106.78 set last Tuesday.

The Swiss franc, another safe-haven currency, fell 0.3% to 0.97915 franc to the dollar.

After meeting Chinese President Xi Jinping on Saturday on the sideline of Group of 20 summit, Trump said he would hold back on tariffs and that China will buy more farm products.

Other major currencies were little moved in early trade, with the euro steady at $1.1367 and the Australian dollar also flat at $0.7026.

Source : Reuters

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