U.S. Dollar Advances On U.S.-Mexico Trade Deal
10 Juni 2019 - 5:53AM
RTTF2
The U.S. dollar gained ground against its major counterparts in
the Asian session on Monday, as fears over trade worries ebbed
after U.S. President Donald Trump halted plans to impose tariffs on
Mexico.
"The tariffs scheduled to be implemented on Monday are hereby
indefinitely suspended," Trump tweeted. "Mexico, in turn, has
agreed to take strong measures to stem the tide of Migration
through Mexico, and to our Southern Border."
According to the immigration deal, Mexico would deploy its
national guard and strengthen a program that places migrants
seeking asylum in the US in Mexico.
Over the weekend, Group of 20 (G20) finance leaders pledged to
protect global growth in a joint communique but failed to express a
pressing need to resolve trade and geopolitical tensions.
After meeting China's central bank Gov. Yi Gang on the sidelines
of the same gathering, U.S. Treasury Secretary Steven Mnuchin said
on Twitter that the meeting was constructive and they had "candid
discussion on trade issues." He did not give further details.
The greenback strengthened to a 10-day high of 108.68 against
the yen, from a low of 108.37 touched at 8:30 pm ET. The greenback
is seen finding resistance around the 110.00 region.
The greenback climbed to 0.9911 against the franc and 1.1303
against the euro, reversing from its early lows of 0.9883 and
1.1331, respectively. The next possible resistance for the
greenback is seen around 1.01 against the franc and 1.12 against
the euro.
Following a decline to 1.2735 against the pound at 6:00 pm ET,
the greenback reversed direction and appreciated to 1.2701. The
greenback is likely to find resistance around the 1.24 level.
The greenback advanced to 0.6966 against the aussie and 0.6625
against the kiwi, coming off from its previous lows of 0.7007 and
0.6662, respectively. Next key resistance for the greenback is seen
around 0.68 against the aussie and 0.645 against the kiwi.
The greenback bounced off to 1.3277 against the loonie, from an
early more than 3-month low of 1.3238, and held steady thereafter.
At last week's close, the pair was quoted at 1.3266.
Looking ahead, U.K. industrial production, GDP, trade data and
construction output, all for April, are due in the European
session.
In the New York session, Canada housing starts for May and
building permits for April are scheduled for release.
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