Major currencies were off to a cautious start on Monday as market players looked to whether Washington and Beijing can soon sign off on a deal to end their trade war that has been a drag on the global economic growth. Against the yen, the dollar was traded at 108.75 yen, recovering from 108.235 touched on Thursday as rising hopes of a U.S.-China trade deal undercut the yen. The currency faces a resistance around 109.00, where it has its 200-day moving average. A break-through there could open the way for a retest of its five-month high around 109.50 touched earlier this month.
The tariff war between the United States and China has already taken its toll on the world's manufacturing sector. Data from the U.S. Federal Reserve on Friday showed the U.S. manufacturing downturn deepened in October, with output at factories tumbling 0.6%, the most since May 2018, after dropping 0.5% in September.
That helped to push down the dollar index (=USD) to 97.980, near its lowest levels since Nov. 7.
Elsewhere, sterling was extending its slow recovery to reach its highest levels in two weeks, trading at $1.2932, up 0.13% so far on the day.
13 Jul 2020 04:57 PM
Indian shares ended higher on Monday, led by a rally in Reliance Industries, ahead of June's inflation data which investors bet would lead to further interest rate cuts by the central bank.
13 Jul 2020 02:43 PM
The Indian rupee was little changed against the greenback, amid focus on decline in the dollar index
13 Jul 2020 11:45 AM
Indian shares climbed on Monday, as investors bet June inflation data later in the day would lead to further interest rate cuts by the country's central bank, while Reliance Industries gained for a third session.
13 Jul 2020 11:15 AM
The yuan hovered around the key 7 per dollar threshold on Monday, ahead of economic data this week
13 Jul 2020 10:45 AM
Gold prices rose on Monday, holding ground above the key $1,800/oz level, as a weaker dollar and worries over surging COVID-19 cases around the globe kept the safe-haven metal underpinned.
13 Jul 2020 10:31 AM
The Indian rupee was at 75.1275/75.1375 to the dollar against 75.2000/75.2100 in the previous session