Yen Holds Firm While Investors Wait For Trade Deal Signing
Wednesday, 15 January 2020 08:56 WIB | CURRENCIES |SwissFranc Euro YenDolar

The safe-haven yen held firm and riskier Asian currencies softened a little on Wednesday, as currency investors awaited the signing of the U.S.-China trade deal with trepidation.

The formal agreement is aimed at drawing a line underneath 18 months of tit-for-tat tariff hikes that have hurt global growth.

But hopes that it may herald warmer relations between the world™s top two economies were dented late Tuesday when U.S. Treasury Secretary Steven Mnuchin said that current tariffs on Chinese goods would stay, pending further talks.

That toppled China™s trade-sensitive yuan from a six-month peak and lifted the yen from a seven-month trough. But moves in morning trade were slight as markets wait to see the deal inked.

The yuan is the currency most sensitive to Sino-U.S. trade relations, and it retreated 0.2% to 6.8990 in offshore trade.

The yen was nearly 0.1% firmer at 109.91. The euro was steady at $1.1129 and the Swiss franc held on to overnight gains to sit at 0.9672 per dollar.

Source : Reuters

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