Dollar falls against the yen on trade deal outlook

Dollar falls against the yen on trade deal outlook

19 Nov 2019 12:11 PM
 

The dollar fell against the yen on Tuesday as receding hopes for a preliminary trade deal between the United States and China hurt demand for the greenback.

There have been high expectations that the United States and China would sign a so-called "phase one" deal this month to scale back their 16-month long trade war.

But the dollar took a hit on Monday after CNBC reported that China is pessimistic about agreeing to a deal, which suggests a resolution to perhaps the biggest risk to the global economy remains elusive.

The dollar fell 0.11% to 108.55 yen, following a 0.09% decline on Monday.

The yield on 10-year Treasury notes fell slightly to 1.8049%, also approaching a two-week low as uncertainty boosted demand for the safety of government debt.

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