Yen falls, Australian dollar gains as U.S.-China trade angst eases
Friday, 2 November 2018 13:55 WIB | CURRENCIES |DOLLAR Yen EuroDolar ASAussiepoundDolar Australia,Poundsterling

The safe haven yen slipped and the Australian dollar extended its rally on Friday as an apparent de-escalation in the U.S.-China trade war gave market confidence a significant boost in Asian trade.

News of a phone call between U.S. President Donald Trump and Chinese President Xi Jinping raised hopes of an easing in U.S.-China trade tensions.

Investor sentiment was given a further shot in the arm on Friday after Bloomberg reported that Trump had asked U.S. officials to begin drafting a possible trade deal with China.

Against the safe haven yen, the dollar was up 0.3 percent at 113.03 yen, paring the previous day™s losses.

The greenback was still short of a three-week high of 113.385 yen reached mid-week ahead of the closely-watched U.S. jobs report due later in the day.

The Australian dollar climbed 0.5 percent to $0.7242, stretching its rally from the previous day.

The Aussie, which is sensitive to Chinese economic developments, had jumped 1.8 percent on Thursday on increasing confidence U.S.-China ties were improving.

Against a basket of six major currencies, the dollar steadied ahead of U.S. jobs data, after pulling back from 16-month highs in the previous session as investors cautiously moved back into riskier assets.

The dollar index was little changed at 96.321 after dropping nearly 0.9 percent overnight, weighed by a rallying sterling.

Sterling was steady at $1.2998 and retained the bulk of its gains after surging 1.8 percent on Thursday, its biggest one-day gain since April 2017.

The euro inched up 0.05 percent to $1.1414 after gaining 0.9 percent overnight on the dollar™s retreat. The single currency had stooped to a 2-1/2-month trough of $1.1302 on Wednesday.

Source: Reuters

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