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The yen gained ground against the U.S. dollar on Tuesday as concerns over the latest escalation in the protracted Sino- U.S. trade war underpinned demand for safe haven assets.
Global markets have been whipsawed by developments in the trade dispute this month. U.S. President Donald Trump claimed Monday that Chinese officials had called and offered to resume negotiations, an assertion that China declined to confirm.
His comments helped temper sharp losses in global markets after both sides announced new tariffs on Friday. But concerns remain about a lack of a clear path toward resolving the dispute which has seen the global economic outlook deteriorate.
The dollar was down 0.37% against the at 105.72 by 04:02 AM ET (08:02 GMT).
The yen, which tends to be bought in times of economic uncertainty, also rose around 0.6% versus the and dollars.
The measuring the greenback against a basket of six major currencies was down 0.17% at 97.81.
Benchmark U.S. Treasury yields fell to 1.51%. The yield curve was inverted as yields traded at 1.53%, which is commonly considered a sign of an impending economic recession.China’s fell to a fresh eleven-and-a-half year low, amid worries that the economy is suffering from the ongoing trade dispute.
The was little changed at 1.1106.
The traded at 1.2243, after a 0.5% fall on Monday as investors reassessed whether British Prime Minister Boris Johnson had made any progress in convincing the European Union to renegotiate the Brexit agreement.
Johnson said on Monday he was prepared to take Brexit talks with the European Union down to the very last minute before the Oct. 31 exit deadline, and if necessary to take a decision to leave without a deal on that day.
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The Chinese yuan fell against the U.S. dollar on Tuesday in Asia amid conflicting signals on the Sino-U.S. trade war.
The pair traded 0.1% higher to 7.1610 by 11:47 PM ET (03:47 GMT).
Speaking at the G7 summit in Biarritz, France, U.S. President Donald Trump said that he had received two phone calls from Chinese officials over the weekend urging new trade talks.
The yuan received some support following his comments, as they eased some fears over the latest escalation in the trade war. However, China’s foreign ministry later said it was not aware of any U.S. - China phone calls, raising doubts on whether the two sides would be able to resolve the trade issues in the near future.
The People’s Bank of China lowered its official onshore yuan midpoint to 7.0810 per dollar on Tuesday, a fresh 11-1/2-yaer low.The safe-haven yen recovered as the latest trade news once again tempered investors optimism. The pair last traded at 105.68, down 0.4%.
"The dollar rallied overnight due to optimism about a trade deal, but there's a sense that the market has gotten a little ahead of itself," said Junichi Ishikawa, senior foreign exchange strategist at IG Securities, in a Reuters report.
"Some traders can book a little profit here. There are still so many issues that can trigger a clash between the United States and China. Treasuries shows the market is still somewhat skeptical."
The U.S. Dollar Index that tracks the greenback against a basket of other currencies slipped 0.1% to $97.893.
The pair and the pair were down 0.2% and 0.3% respectively.
The pair slipped 0.1% to 1.2209. British Prime Minister Boris Johnson said on Monday that he was prepared to take Brexit discussions with the European Union to the very last minute, and that he would make the decision to leave without a deal if necessary.
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