Dollar Slips as Chinese Tariff Cut Prompts Modest Risk-On Move
Thursday, 6 February 2020 15:46 WIB | CURRENCIES |EUR/USDCurrencyDOLLAR

The yuan is slightly stronger Thursday following the move by China to cut tariffs on some imported goods from the U.S., leading other currencies higher against the dollar in a broad but modest 'risk-on' move.

At 03:05 ET (08:05 GMT), USD/CNY traded at 6.9702, down 0.1%, back below the 7.0 level, while the U.S. Dollar Index that tracks the greenback against a basket of six other currencies dropped 0.1% to 98.13.

China said early Thursday it will halve tariffs on $75 billion of U.S. imports from Feb. 14. This comes shortly after the two countries agreed an interim trade deal, ending a long-running trade dispute. This should help improve conditions for the second phase of negotiations, which are widely seen as being more difficult.

Despite this release, the euro gained against the dollar, with EUR/USD up 0.1% at 1.1004, after ECB President Christine Lagarde told the EU parliament that the ECB faced a much-reduced scope for policy action. Sterling was broadly flat against the greenback, with GBP/USD down 0.1% at 1.2988.

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