Forex Marketz Daily Forex News – Fully Markets Update
On Thursday, during the Asian trade session, the U.S. dollar as well as export currencies found some support from positive comments on the status of the trade talks between the United States and China.
The New Zealand dollar was mostly higher after against its Forex trade partners softer than expected banking reforms from the Reserve Bank of New Zealand and the government pushed the headline NZD/USD currency exchange rate to a four month high price point.
The improvement in market sentiment weakened the allure of safe haven Forex assets like the Japanese yen and the Swiss franc.
Despite the ping pong in trade comments and tensions between the world’s two largest economic powerhouses over Hong Kong and other issues, price action was rather benign.
The U.S. currency held onto overnight gains against the Japanese yen and the Swiss franc. The USD/JPY currency exchange rate was last trading at 108.79 yen and the USD/CHF Forex market was last trading at 0.9877. The EUR/USD Forex market was last trading at 1.1082.
The U.S. dollar index, which measures the greenback against six other currency unites, was trading around 97.588 by the late morning hours during the Asian trade session.
Looking at the benchmark GBP/USD currency exchange rate, this Forex market is trading above 1.31 for the first time since May.
Polls are indicating that Prime Minister Boris Johnson and his Tory Party will win a majority at next week’s snap general election. This election will be held on December 12.
Dollar Traders Monitor a Flurry of Trade Comments and Tensions over Hong Kong
Tensions over Hong Kong remain high between the United States and China. Overnight the U.S. House of Representatives passed legislation to sanction Chinese officials over Muslim detention camps. This, added to China’s ire which could complicate the ongoing trade talks between the two nations.
Market sentiment improved after President Donald Trump said that trade talks with China were “going very well.” This comes after he said that he had no objection to signing a trade deal until after the 2020 Presidential election.
There were also headlines, in Bloomberg News that indicated that the two countries were inching closer to signing a preliminary trade agreement.
