Dollar falls on trade deal outlook
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. The yuan touched a two-week low versus the greenback amid doubts about the U.S.-China 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 tried to break above 109 yen, but it couldn't because of worries about the trade deal.
Against a basket of six major currencies, the dollar index stood at 97.856, close to a two-week low. The yield on 10-year Treasury notes fell slightly to 1.8049% in Asia, also approaching a two-week low as uncertainty boosted demand for the safety of government debt.
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