Daily Update – 28th November 2019
The dollar rose against a basket of currencies on Wednesday on upbeat U.S. data in subdued trading as uncertainty about a possible U.S.-China trade deal lingered during a U.S.-holiday shortened week. . Dollar was also bolstered by hopes that the United States and China were close to signing an initial deal that would end a 16-month trade war. The euro declined against dollar on Wednesday, after a batch of U.S. economic data brightened the economic outlook. Sterling edged higher against greenback on Wednesday, recovering from early losses following the third poll in a row that showed a narrowing lead for the governing Conservative Party before Britain’s Dec. 12 election. The pound initially fell as much as 0.3% in early London trading after YouGov data released on Tuesday showed the Conservatives’ lead over the opposition Labour Party tightening to 11 points. Having fallen as much as 0.3% to a low of $1.2827 in early London trading, sterling recovered over the course of the day. On early trading hours today, the safe-haven yen rose against the dollar after U.S. President Donald Trump signed into law support for anti-government protesters in Hong Kong, which could complicate efforts to end the U.S.-China trade war. That caused the yuan to fall in offshore trade on mounting worries that months of often violent protest against Chinese rule of the former British colony potentially will worsen already fractious relations between Washington and Beijing. Beijing has denied any undue influence and has blamed foreign governments for meddling it Hong Kong’s affairs. Washington’s rebuke also comes as U.S. and Chinese negotiators are trying to reach an agreement to de-escalate a trade war, which would remove a huge headwind from the global economic outlook. Yesterday's Focus
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