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Chinese Yuan Surges Amid Trade Deal Optimism, Ignores Bearish Reports

The Chinese yuan is surging midweek as investors are optimistic about Washington and Beijing nearing a new trade agreement that would end this year-long standoff between the world’s two largest economies. Although President Donald Trump and President Xi Jinping will not meet prior to the March 1 deadline, both sides are positive that crucial developments can be made in the final days of the trade truce.

US Government Shutdown Ends Temporarily, Dollar Unimpressed

The US dollar had muted reaction to the announcement of a stop-gap agreement between President Donald Trump and the Congress to end the government shutdown without funding the wall with Mexico.

US Dollar Gains on Mixed Data, China Trade News

The US dollar gained momentum on Friday, extending its gains over the past week. The greenback edged higher on mixed economic reports were released and breaking news that China is offering a $1 trillion-a-year olive branch on imports that could end the trade war almost immediately.

Euro Drops on Weak German Industrial Data and Strong US Dollar

The euro today dropped against the US dollar from the start of today’s session as the greenback rebounded on investors’ hopes about the outcome of the US-China trade talks. The rebound in US Treasury yields also boosted the greenback, which was under intense selling pressure since Friday last week following dovish Fed comments.

Euro Rallies on Risk-On Sentiment Amid Mixed Geman Data

The euro today rallied higher against the much weaker US dollar largely driven by positive market sentiment and the upbeat German retail sales data. The improved market risk sentiment was supported by investors’ optimism regarding the 2-day high level US-China trade talks, which kicked off today.

US Dollar Loses Against Rivals Despite Stellar Jobs Report

The US dollar is losing against some of its major currency rivals at the end of the trading week, despite the US government reporting better-than-expected jobs numbers for December. The greenback is looking to maintain the momentum it had in 2018 when it recorded its best annual performance since 2015.

Chinese Yuan Strengthens Despite Weak Manufacturing Data

The Chinese yuan is strengthening against its US counterpart midweek, despite new data that shows the world’s second-largest economy had a worse December than the market had anticipated. This is leaving some central bankers to forecast a slower-than-expected fourth-quarter, which is not something the nation’s leadership wants to hear as it ignites a wave of stimulus measures.

British Pound Rallies to 3-Week Highs on New Year’s Eve

The British pound today rallied higher against the US dollar largely due to high selling pressure on the greenback during the European session. The thin trading activity witnessed in the markets on the last trading day of 2018 and Brexit developments might have also contributed to the spike higher.

Japanese Yen Rallies on Trade and Economic Growth Concerns

The Japanese yen today rallied against the US dollar as investors remained worried about the trade tensions between the US and China, which resulted in a risk averse market sentiment. Investors were also worried about the prospects of slower global economic growth next year, which made the safe haven yen more appealing.

Australian Dollar Drops on Weak Chinese Data and Trade War Fears

The Australian dollar today declined against its US counterpart as markets digested the impact of weak Chinese industrial profits data on commodity-linked currencies such as the Aussie. The Aussie’s decline was further compounded by the re-emergence of Sino-US trade war fears based on recent news regarding potential orders by the US government against Chinese companies.

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