In This Article:
Investing.com - The U.S. dollar index slipped on Friday in Asia after reports suggested that Chinese officials have doubts about reaching a comprehensive long-term solution to the U.S.-Sino trade war.
Officials have blamed U.S. President Donald Trump and his impulsive nature and fear that he could back out even as both signs prepare to sign a deal in the coming weeks, Bloomberg reported quoting people familiar with the matter.
The report came as Trump said the two sides will soon announce a new venue for him and Chinese President Xi Jinping to sign a phase one trade deal after Chile cancelled a planned summit.
On Wednesday, the U.S. Federal Reserve cut interest rates to a target range of between 1.50% and 1.75% and dropped previous phrase that it "will act as appropriate" to sustain the economic expansion.
The decision was largely expected and did not cause much impact on the dollar.
The latest U.S. employment report is due later in the day and is expected to show a slowdown in job creation.
The USD/JPY pair was unchanged at 108.00, as traders shrugged off data that showed the Jibun Bank Final Japan Manufacturing Purchasing Managers' Index (PMI) dropped to 48.4 on a seasonally adjusted basis.
The USD/CNY pair inched up 0.1%. While not a directional driver, the Caixin/Markit manufacturing Purchasing Managers’ Index (PMI) came in at 51.7 for the month of October, compared with the expectation of 51.0.
The AUD/USD pair and the NZD/USD pair continued their upward momentum and gained 0.2% and 0.3% respectively.
Related Articles
As Thailand’s Baht Surges, Rice Farmers Feel the Pain