Agriculture Minister discusses boosting agricultural cooperation with Romania, Moldova    Egypt's PM orders 60,000 new homes for Alexandria's unsafe buildings    Crystal Martin to build large-scale textile, apparel factory in Egypt    Egypt urges EU support for Gaza ceasefire, reconstruction at Brussels talks    Escalation in Gaza as Israeli airstrikes intensify, ceasefire talks stagnate    Egypt to launch EGTAP.com online platform to train tourism workforce: minister    Singapore's economy grows in Q2 '25    Gold prices dip slightly on Monday trading    Pakistan names Qatari royal as brand ambassador after 'Killer Mountain' climb    EU prepared to retaliate with €21b tariff package – Italy's FM    Health Ministry denies claims of meningitis-related deaths among siblings    Egypt's Health Min. discusses drug localisation with Sandoz    Egypt, Mexico discuss environmental cooperation, combating desertification    Needle-spiking attacks in France prompt government warning, public fear    Foreign, housing ministers discuss Egypt's role in African development push    Egypt's EDA, Haleon discuss local market support    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, France FMs review Gaza ceasefire efforts, reconstruction    CIB finances Giza Pyramids Sound and Light Show redevelopment with EGP 963m loan    Greco-Roman tombs with hieroglyphic inscriptions discovered in Aswan    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Egypt condemns deadly terrorist attack in Niger    Sisi launches new support initiative for families of war, terrorism victims    Egypt's GAH, Spain's Konecta discuss digital health partnership    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Dollar prices steady as trade deal hopes fade, pound soft
Published in Amwal Al Ghad on 09 - 10 - 2019

Dollar prices steadied on Wednesday as hopes for a breakthrough in U.S-China trade talks waned, sending investors into less risky assets, while the pound wallowed near a month low on deepening uncertainty over Brexit.
The U.S. imposition of visa restrictions on Chinese officials, and the blacklisting of Chinese firms, over the treatment of Muslim minorities have cast a pall over trade discussions scheduled in Washington for the rest of the week.
The resulting risk aversion had bolstered the dollar overnight, which is seen as a safe-haven owing to its position as a global reserve currency.
It mostly held those gains in Asian hours, though trade was wobbly as investors also grappled with remarks overnight from Federal Reserve chairman Jerome Powell flagging further rate cuts and bond buying.
The greenback rose slightly to 107.14 Japanese yen and was steady at $1.0962 on the euro. It was flat around 99.093 against a basket of major currencies.
"The timing of the U.S. travel bans and company blacklists associated with human rights issues have not helped to maintain a positive backdrop to these trade negotiations," said Rob Carnell, ING's chief economist for Asia-Pacific.
"They also look likely to provoke some retaliation from China, just a day before Vice Premier Liu He is due to arrive in Washington for trade talks," he said.
Liu and U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin are due to meet on Thursday.
A Chinese diplomat told Reuters that China wanted a deal.
But prospects for progress appear to be dimming as the dispute widens.
On top of the visa restrictions and corporate blacklistings, the Trump administration is also moving ahead with discussions around restrictions on capital flows into China, Bloomberg reported, citing people familiar with the matter.
"The tensions will persist through to the year-end at least," said Westpac analyst Imre Speizer in Auckland, who is not expecting the talks to deliver a breakthrough deal.
"It'll be volatile good news, bad news, repeat for the rest of the year, but overall a negative tone."
The Chinese yuan, the most sensitive currency to the trade talks, had dropped to a one-month low in offshore trade overnight, but was a little stronger at 7.1434 per dollar in onshore trade on Wednesday.
The Australian and New Zealand dollars ticked higher, with the Aussie rising 0.2 percent to $0.6741 and the kiwi 0.3 percent to $0.6312.
Sterling languished at $1.2214, close to its lowest since early September, on reports that talks between Britain and the European Union were close to breaking down without an exit deal.
In a telephone call on Tuesday, German Chancellor Angela Merkel told British Prime Minister Boris Johnson that a deal was "overwhelmingly unlikely," a Downing Street source said.
The Times newspaper reported Johnson also faces a fresh rebellion in cabinet, with a group of ministers poised to quit due to concerns he is leading the country into a no-deal exit.
That leaves the outcome on Oct. 31, when Britain is due to quit the EU, deeply uncertain.
"The ever-fluid Brexit saga is expected to leave the pound exposed to politically-driven bouts of volatility over the coming weeks," said FXTM analyst Han Tan.
Source: Reuters


Clic here to read the story from its source.