Russia hit with 4-year Olympics ban for falsified doping data

Lausanne, Switzerland — Russia will miss next year’s Tokyo Olympics and the 2022 Beijing Winter Games after the World Anti-Doping Agency on Monday banned the powerhouse from global sporting events for four years over manipulated doping data.

WADA’s executive committee, meeting in Lausanne, decided that Russia be handed the four-year suspension after accusing Moscow of falsifying laboratory doping data handed over to investigators earlier this year.

Not only will Russia be ruled out of the next Olympic cycle, but Russian government officials will be barred from attending any major events, while the country will lose the right to host, or even bid, for tournaments.

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“WADA’s executive committee approved unanimously to assert a non-compliance on the Russian anti-doping agency for a period of four years,” WADA spokesman James Fitzgerald said.

Under the sanctions, Russian sportsmen and women will still be allowed to compete at the Olympics next year but only if they can demonstrate that they were not part of what WADA believes was a state-sponsored system of doping.

“They are going to have prove they had nothing to do with the non-compliance, (that) they were not involved in the doping schemes as described by the McLaren report, or they did not have their samples affected by the manipulation,” Fitzgerald said.

2016: Russian doping at Sochi Winter Olympics exposed

The independent report by Richard McLaren, released in 2016, revealed the significant extent of state-sponsored doping in Russia, notably between 2011 and 2015.

It led to the Russian Anti-Doping Agency (RUSADA) being suspended for nearly three years previously over revelations of a vast state-supported doping programme.

Full disclosure of data from the Moscow laboratory was a key condition of Russia’s controversial reinstatement by WADA in September 2018.

“An attack on sport”

The WADA decision was widely predicted, with the body’s president, Craig Reedie, having made a presentation Saturday to the Olympic Summit, participants of which “strongly condemned those responsible for the manipulation of the data from the Moscow laboratory.”

“It was agreed that this was an attack on sport and that these actions should lead to the toughest sanctions against those responsible,” the IOC said in a statement.

“It was stressed by the participants that full justice must be finally done so that the guilty ones can be properly punished and the innocent ones are fully protected.”

The IOC (International Olympic Committee) asked that the Russian authorities deliver the “fully authenticated raw data.”

A majority of WADA’s influential athlete committee had called overnight for a “complete ban on Russian participation,” with nine members of the 17-strong group saying such a move was “the only meaningful sanction.”

“We maintain that the fraud, manipulation and deception revealed to date will only be encouraged and perpetuated with a lesser response,” they said.

Russia reacts

Russian Prime Minister Dmitry Medvedev said the ban against his country was the result of “anti-Russian hysteria” and should be appealed. “This is the continuation of this anti-Russian hysteria that has already become chronic,” Medvedev was quoted as saying by local news agencies. 

The head of Russia’s anti-doping agency said his country had “no chance” of winning an appeal against the ban, which he called a tragedy for clean athletes.

“There is no chance of winning this case in court,” RUSADA chief Yury Ganus told AFP.

RUSADA’s supervisory board was set to meet on December 19 to take a decision on whether to appeal the ban, he said. “This is a tragedy,” he said. “Clean athletes are seeing their rights limited.”

Ganus said that some Russian athletes were contemplating leaving Russia so that they could train elsewhere. He described the sentiments among athletes as “awful,” stressing that four years for a sportsman is a long time.

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Dollar heads for weekly decline as data and trade tensions weigh

By Tom Westbrook

SINGAPORE (Reuters) – The dollar nursed a week of losses on Friday, hit by nervousness on trade and mixed signals about the U.S. economy, while the British pound stood tall as bets firmed that Prime Minister Boris Johnson can win a commanding electoral victory.

The safe havens of the Japanese yen and Swiss franc were in demand as a hedge against Sino-U.S. trade talks collapsing, and as investors fretted that U.S. jobs figures due later in the day may fail to deliver an expected rebound.

“Markets are in a highly fragile condition at the moment,” said Michael McCarthy, chief market strategist at CMC Markets in Sydney.

“So there is a greater potential for an exaggerated move if we see a big divergence from expectations on non-farm payrolls – but the risk is in both directions, particularly with the lack of trade news.”

The euro () held on to overnight gains against the greenback to buy $ 1.1104, having climbed 0.8% this week. The yen has added 0.9% on the dollar this week and was steady at 108.72 yen per dollar on Friday.

Against a basket of currencies () the dollar has dropped every day this week for a cumulative loss of almost 1%.

The best gains have been won by the soaring and British pound. The kiwi sat just below a four-month high touched on Thursday at $ 0.6541, having gained 1.8% this week as expectations for deep monetary easing have ebbed.

Sterling climbed to a 2-1/2 year high of 84.28 pence against the euro () overnight – holding near there on Friday – and has advanced 1.7% against the dollar this week, last trading at $ 1.3158 .

Opinion polls suggest the ruling Conservatives will win an outright majority in the Dec. 12 election, removing some of the uncertainty around Britain’s exit from the European Union that has weighed on the currency for years. Cable has rallied 10% since September lows.

“There’s still a bit of nervousness about being too convinced,” said Jim Leaviss, head of fixed income at fund manager M&> Investments. “But nevertheless cable seems to think that we do get a clear majority for Boris Johnson,” he said.

“That means that we leave the EU on the 31st of January…I think the options market was pricing in another 7% upside on a Conservative victory, and I think that’s justified fundamentally.”

On the trade front, U.S. President Donald Trump remained upbeat overnight and said talks are “moving right along”.

Worries stem from a lack of similar enthusiasm from the Chinese side, after Chinese officials reiterated their stance that some U.S. tariffs must be rolled back for a deal.

The focus on U.S. non-farm payrolls, due at 1330 GMT, comes after dismal data through the week that showed weak private payrolls, soft services activity and a shrinking manufacturing sector.

A Reuters poll shows a forecast of 180,000 jobs being added in November. “Below 150,000 or above 210,000 we could see a significant market reaction,” said CMC Markets’ McCarthy.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Wall Street falls after U.S. tariffs on metal imports, soft PMI data

By Arjun Panchadar

(Reuters) – Wall Street fell on Monday after President Donald Trump said he would restore tariffs on metal imports from Brazil and Argentina, while weak domestic manufacturing data fanned worries of a slowing economy in the wake of the U.S.-China trade war.

The U.S. economy’s manufacturing sector contracted for a fourth straight month in November, as new order volumes slid back to around their lowest level since 2012. Construction spending also unexpectedly fell in October.

The figures were in sharp contrast to recent economic indicators that had reassured investors of a resilient domestic economy. Global markets had also cheered an unexpected rebound in Chinese manufacturing earlier in the day. [MKTS/GLOB]

However, Trump’s tweet about restoring tariffs on U.S. steel and aluminum imports from Brazil and Argentina dampened the mood and prompted officials in the two South American countries to seek explanations.

“The concern here is what kind of retaliatory response those countries might have, let alone sort of a re-escalation of these tariff wars in the midst of trying to resolve one,” said Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia.

The news sent shares of U.S. steel makers including U.S. Steel Corp (N:) and AK Steel Holding Corp (N:) up 3% and 7%, respectively.

The gains were an exception in a wider selloff, with 10 of the 11 major S&P 500 sectors trading lower. The technology sector () was off 1.3% and was the biggest drag on the benchmark index.

Hopes of an imminent “phase one” trade U.S.-China trade deal and upbeat U.S. economic data sent Wall Street to record highs early last week.

Retail stocks including Target Corp (N:) and Walmart Inc (N:) were in focus, with Cyber Monday sales expected to hit a record following $ 11.6 billion in online sales on Thanksgiving and Black Friday.

At 10:27 a.m. ET the Dow Jones Industrial Average () was down 161.38 points, or 0.58%, at 27,890.03, the S&P 500 () was down 22.50 points, or 0.72%, at 3,118.48 and the Nasdaq Composite () was down 99.57 points, or 1.15%, at 8,565.90.

Among other stocks, Roku Inc (O:) dropped 16.6% as Morgan Stanley (NYSE:) downgraded the video streaming device maker’s shares to “underweight”.

Declining issues outnumbered advancers for a 2.13-to-1 ratio on the NYSE and a 2.34-to-1 ratio on the Nasdaq. The S&P index recorded 16 new 52-week highs and two new lows, while the Nasdaq recorded 50 new highs and 18 new lows.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Dollar stands tall as upbeat U.S. data trims Fed cut bets

By Tom Westbrook

SINGAPORE (Reuters) – The dollar headed for its highest weekly finish against the safe-haven yen since May on Friday, as data showing the U.S. economy on a firm footing prompted investors to scale back rate-cut bets.

Nerves persisted though, as other major currencies spent the week rangebound, navigating a blizzard of trade-war headlines that offered few clues as to when or how an overdue truce might be agreed between Washington and Beijing.

“There seems to be pretty good optimism around the trade talks going on between U.S. and China,” said William O’Loughlin, a portfolio manager at Rivkin Securities in Sydney.

“Though as we know that can change on a dime…the rally doesn’t feel like a euphoric, super-bullish rally, it does feel like climbing the wall of worry.”

On Friday, the dollar was steady at 109.51 Japanese yen , and if it holds there will post a 0.7% gain for the week and hit its highest weekly close since May 31. Overnight trade was light with U.S. desks closed for Thanksgiving.

The British pound has been the week’s other main beneficiary, adding half a percentage point as Prime Minister Boris Johnson’s Conservative Party has firmed in opinion polls ahead of the Dec. 12 election.

Sterling was steady on Friday at $ 1.2910, while the euro () held at $ 1.1012.

“The market has come to the view that this is Johnson’s election to lose now,” said Chris Weston, head of research at Melbourne brokerage Pepperstone, with expectations he can win with a large margin.

“That said, should any polls call this margin into question, where invariably there will be one or two, then GBP could see a sharp sell-off, although I would be using that weakness to buy.”

The dollar’s strength this week has drawn on hopes that the United States and China are indeed in the process of negotiating a ceasefire in their damaging tariff war, and strong U.S. economic data.

China has vowed to impose “firm countermeasures” after Trump’s approval of a bill backing Hong Kong’s pro-democracy protesters on Wednesday, but is yet to indicate whether they would have any bearing on trade talks.

U.S. growth picked up slightly in the third quarter, data showed on Wednesday, in contrast to other indicators showing a slowdown in global activity.

The Fed also flagged an upbeat outlook amid signs of labor market strength and a possible turnaround in business investment.

That prompted a pullback on rate cut bets for this year and next, with the market now pricing in a 5% chance the Fed will hike rates next month and mostly expecting it to hold steady.

The strong greenback has Australian dollar slightly weaker for the week, but steady on Friday ahead of a central bank meeting on Tuesday, where the market has priced an 11% chance of a cut in interest rates to a record low 0.5%.

It last traded at $ 0.6767, not far above a six-week low hit on Thursday.

The New Zealand dollar was flat on Friday at $ 0.6418 and held its ground for the week, buoyed by rebounding business sentiment.

China’s yuan was steady at 7.0287 per dollar in offshore trade.

Graphic: World FX rates in 2019 (http://fingfx.thomsonreuters.com/gfx/rngs/GLOBAL-CURRENCIES-PERFORMANCE/0100301V041/index.html)

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Forex – U.S. Dollar Stays Little Changed After Strong Data; HK Concerns Weigh

© Reuters.  © Reuters.

Investing.com – The U.S. dollar stayed little changed on Friday in Asia following the release of strong economic data earlier this week.

The last traded at 98.250 by 12:45 AM ET (04:45 GMT), down 0.04%. Data showed this week that the U.S. economy grew at a 2.1% annualized rate, compared to 1.9% in the first reading. The data was in contrast to other indicators showing a slowdown in global activity.

In a separate report, durable goods gained 0.6% after falling 1.4% in the prior month.

Sino-U.S. trade progress remained in focus after U.S. President Donald Trump approved two bills that back Hong Kong’s anti-government protestors. While China has vowed to retaliate, it has not taken any action so far and it is unclear if that will have any bearing on trade talks.

The next batch of American tariffs on Chinese goods are due to begin on Dec. 15.

The U.S. equities and bond markets were closed on Thursday for the Thanksgiving Holiday.

The pair was near flat at 1.2915 as U.K. Prime Minister Boris Johnson’s Conservative Party has firmed in opinion polls ahead of the Dec. 12 election.

The pair inched up 0.1% to 1.1011.

The pair slipped 0.1% at 109.45 as falling Chinese and Hong Kong stocks sent the safe-haven yen slightly higher.

The pair and the pair gained 0.1% and 0.4% respectively.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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China data – Industrial Profits for October -9.9% y/y (prior -5.3%)

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Forex- Pound Rises on Brexit Hope; Euro Flat After Ifo Data 

© Reuters.  © Reuters.

Investing.com – Sterling was higher on Monday, amid hopes rose that the Conservative Party will win the upcoming election and the U.K. will leave the European Union as planned.

British Prime Minister Boris Johnson promised to bring a Brexit deal to parliament before Christmas. His Conservative Party leads in opinion polls ahead of the Dec. 12 election.

“The markets are holding on to any sort of positivity we get at the moment,” said Sean MacLean, research strategist at Pepperstone, a brokerage in Melbourne. “We want to keep that momentum going.”

rose 0.4% to 1.2883 as of 4:14 AM ET (9:15 GMT) while fell 0.4% to 0.8553.

was flat at 1.1020 after the German showed that German business confidence rose this month, after the euro zone’s largest economy avoided falling into a recession. The Ifo business climate index rose to , up from 94.7 in October, but the Munich based institute warned that Germany’s manufacturing sector was still stuck in recession.

Meanwhile, trade sensitive currencies gained ground on positive trade deal news. China announced over the weekend that it plans to improve protection for intellectual property rights, which was one of the main sticking points in negotiations with the U.S.

U.S. national security adviser Robert O’Brien also said on Saturday a deal was possible by the end of the year.

The trade-sensitive Australian dollar was up slightly, with rising 0.1% to 0.6791, while gained 0.2% to 0.6420. The fell 0.1% to 7.0349.

Elsewhere, the , which measures the greenback’s strength against a basket of six major currencies, was steady at 98.150.

-Reuters contributed to this report.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Forexlive Americas FX new wrap: Dollar moves up on some better data today

Forex news for NY trading on November 22, 2019

In other markets , the snapshot near the close of the day showing:

  • Spot gold, $ -2.34 or -0.16% at $ 1462
  • WTI crude oil futures $ -0.58 or -0.99% at $ 58.00
  • Bitcoin on Coinbase fell to a session low $ 6775.47, but has rebounded up to $ 7300. That is still down about $ 295 on the day but it could’ve been a lot worse

The USD moved higher today with most of the gains vs the EUR, GBP and the CHF. The currency was only lower vs the NZD on the day. Overall, the NZD was the strongest while the GBP, CHF and EUR were the weakest.  

The fundamental catalyst for the moves were better-than-expected Markit PMI data and better Michigan consumer sentiment. Also helping were technical moves, especially in the GBPUSD, EURUSD and USDCHF.

Forex news for NY trading on November 22, 2019
For the GBPUSD, the pair had an initial catalyst (ahead of the stronger US data) from better PMI data.  That helped to push the pair below the 200 hour moving average at 1.28963. That data the price down toward a support area around the 1.2866 level where it consolidated into the NY session.  NY traders took the pair even lower with the pair initially stalling at the 61.8% retracement at 1.28508. When that was broken, the selling took the price even lower to the next targets at the 1.2821-24 where buyers entered to slow the decline. The last 5 or 6 hours corrected marginally to the 1.2840 level.  For the week, the pair is lower (closed at 1.2900 last Friday), but moved higher to 1.2984 on Monday and other high on Thursday at 1.2969, before moving lower yesterday and today.  

The EURUSD came in the day with a 51 pip trading range for the week. If that remain the range, it would be the most narrow trading range since at least 2002. Coming into the New York session the range was still 51 pips. However the economic data helped to push the price below the low for the week at 1.1046 and the pair did not really slow until reaching the November 15 low at 1.10145.  So instead of the 51 pip trading range, the range for the week is ending at around 83 pips.  Although still narrow by historical standards it certainly sounds better overall.  The technical catalyst for the move was the break below the 200 hour moving average at 1.1046 (that also happened to be the week’s low coming into today).  Fallen below the 61.8% retracement at 1.10298, also helped to push the pair to the downside

The USDCHF, traded mostly higher in the European session up to the 200 day moving average at 0.99463. The correction off that level was modest and the pair kept banging against the topside moving average, until that time it broke through. The high price reached 0.9980 which was just above the previous November high of 0.9978. That was good enough to stalled the rise. The price is currently trading at 0.9968 near the close for the week. And next week’s trading staying above the 200 day moving average will keep the bulls in charge. On the topside getting above the 0.9978 – 80 level will be the closest target.

In other pairs:

  • The USDCAD fell after the retail sales were better than expectations. However, dip buyers came in against the 200 hour moving average (currently at 1.3255) and when the price move back above its 200 day moving average at 1.3274, tthe Friday squeeze to the upside was on. The move did not stop until just below the 1.3300 level, where natural sellers entered.
  • The NZDUSD spent the last 8 hour in the NY session trading between the 100 hour MA above at 0.64114 adn the 200 hour MA below at 0.6399.  The pair is settling in between at 64059. 

For the US stock market today, the major indices are closed higher with the Dow leading the way. European shares were also higher with the UK FTSE 100 leading the way with a gain of 1.22%.

The major indices close higher

For the week, the story was different with the UK FTSE 100 the only major indices closing with a positive gain. The Portugal PSI20 and the Italian FTSE MIB were the weakest of the major stock indices this week.

The UK FTSE was the only positive major indices this week

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Forex – U.S. Dollar Rises on Trade Hopes, Upbeat Data

© Reuters.  © Reuters.

Investing.com – The U.S. dollar rose on Friday after comments from U.S. President Donald Trump on China increased hope that the two sides would sign a trade deal soon.

Speaking on Fox News, Trump said a deal with China was “potentially very close,” and also indicated that he might not sign a bill passed this week by Congress that supports Hong Kong in an attempt to appease Beijing.

“We have to stand with Hong Kong, but I’m also standing with President Xi [Jinping], he’s a friend of mine,” Trump said. “He’s an incredible guy, but we have to stand…I’d like to see them work it out, ok?”

The , which measures the greenback’s strength against a basket of six major currencies, was steady at 97.760 as of 9:56 AM ET (14:56 GMT) after rising to 97.920 earlier in the session.

The greenback was also supported by an increase in U.S. output in November, data showed. The activity also picked up, IHS Markit said, as both indexes were at their highest level since April.

The safe-haven Japanese yen was flat with at 108.61.

Elsewhere, sterling tumbled, with falling 0.5% to 1.2845 while slipped 0.1% to 1.1042. The trade-sensitive Australian dollar was flat, with at 0.6784.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Forex – U.S. Dollar Falls on Weak Manufacturing Data

© Reuters.  © Reuters.

Investing.com – The U.S. dollar fell on Friday, after data showed that manufacturing woes in the country have deepened.

Manufacturing output fell to 0.6% in October, the most since May 2018. Excluding autos, output was down 0.1% last month, the Federal Reserve data showed. Industrial production slipped 0.8%, while the Empire State Manufacturing Index tumbled to 2.9 from 5.0 expected.

Diminishing concerns over U.S. trade did nothing to ease forex traders. The , which measures the greenback’s strength against a basket of six major currencies, fell 0.2% to 97.863 as of 11:08 AM ET (16:08 GMT).

White House economic advisor Larry Kudlow said on Thursday that the U.S. and China were close to securing a trade deal. His comments come after a week of volatility after reports that the two sides had hit a snag over trade talks. Chinese media on Friday fleshed out arguments that Chinese demand for U.S. farm products is nowhere near the level of purchases that Washington is insisting on in order to seal a partial phase one deal.

U.S. Commerce Secretary Wilbur Ross said Friday that U.S. and Chinese officials would hold a call later in the day, but added that the U.S. could still impose tariffs on Chinese goods, which are scheduled for Dec. 15.

The safe-haven Japanese yen was lower with up 0.3% to 108.75.

Elsewhere, the euro was higher, with up 0.3% to 1.1051 while rose 0.2% to 1.2901.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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