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Dollar slips as trade progress boosts risk assets; kiwi soars 0 0
     
   
GIST -  Dollar slips as trade progress boosts risk assets; kiwi soars
#1
U.S. dollar notes are seen in this November 7, 2016
picture illustration. REUTERS/Dado Ruvic/Illustration
The dollar edged lower versus its peers on Wednesday,
as rising hopes of a breakthrough in U.S.-China trade
talks led investors to put money into the euro and Asian
currencies.
The euro gained 0.1 per cent to 1.1335 dollar, while the
Aussie dollar, often considered a barometer for global
risk appetite, rose 0.3 per cent to 0.7112 dollar.
“We seem to have moved away from dollar dominance
over the last two sessions…this weakness is directly
related to the improving risk sentiment around trade,”
said Michael McCarthy, chief markets strategist at CMC
Markets.
“The euro has bounced off an important support level
and can extend its gains.”
The kiwi dollar was the biggest gainer in the Asian
session, rallying a whopping 1.6 per cent on the dollar to
0.6837 dollar after the Reserve Bank of New Zealand
sounded less dovish on policy than markets had
wagered on, forcing a round of heavy short covering.
Risk appetite in broader markets was revived after U.S.
President Donald Trump said on Tuesday that he could
let the March 1 deadline for a trade agreement with
China “slide for a little while,”.
Trump added that he would prefer not to extend (the
period) and expected to meet with Chinese President Xi
Jinping to close the deal at some point.
U.S. tariffs on 200 billion dollars worth of imports from
China are scheduled to rise to 25 per cent from 10 per
cent if the two sides cannot reach a deal by the
deadline.
This would increase pain and costs in sectors from
consumer electronics to agriculture.
The main focus for the markets are the high-level talks
this week in China, where the world’s two largest
economies attempt to hammer out a trade deal.
Financial markets have been rattled by the trade
tensions over the past year, with business sentiment
taking a hit globally as the fallout of the U.S.-China
dispute disrupted factory activity and hurt global growth.
The dollar index, a gauge of its value versus six major
peers, was marginally lower at 96.65, having lost 0.35
per cent on Tuesday.
The dollar was steady versus the yen at 110.50, while
sterling gained 0.1 per cent to 1.2900 dollar.
Traders expect the British pound to remain volatile over
the coming weeks as a Brexit deadline looms.
The United Kingdom is on course to leave the European
Union on March 29 without a deal unless Prime Minister
Theresa May can persuade the bloc to amend the
divorce deal she agreed last year.
The greenback was down 0.2 per cent versus the
Canadian dollar at 1.3206, after weakening 0.5 per cent
in the previous session.
The loonie has been supported by a rise in oil prices
overnight due to improving risk appetite.

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#2
Na wa oh, it's keeps depreciating our currency

#3
It is well with my nation

#4
Shigolove I pray so too oh.. God will save us

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