BUSINESS US dollar drops as US, China trade tensions ease

BUSINESS

US dollar drops as US, China trade tensions ease

Xinhua

08:46, December 04, 2018

NEW YORK, Dec. 3 (Xinhua) -- The US dollar extended broad losses against other major currencies in late trading on Monday, as the trade tensions between the United States and China eased, a sign of relief for investors of risky currencies.

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(Photo: CGTN)

A widespread gains rippled through the global stock markets, energy markets and risky assets markets.

Analysts said investors have been encouraged by a burst of optimism, as the United States and China agreed to instruct the economic teams of both sides to step up negotiations, which weakened the dollar's safe-haven demand as the world's most liquid currency.

Elsewhere in Europe, sterling continued to fall on Monday as hopes for British parliamentary approval for May's proposed Brexit deal got slimmer.

In late New York trading, the euro rose to $1.1342 from $1.1308 in the previous session, and the British pound was down to $1.2726 from $1.2742 in the previous session. The Australian dollar increased to 0.7348 dollar from 0.7302 dollar.

The US dollar bought 113.68 Japanese yen, higher than 113.60 Japanese yen of the previous session. The US dollar fell to 0.9988 Swiss franc from 0.9996 Swiss franc, and it was down to C$1.3210 from C$1.3288. 

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