Trade optimism pressures yen but markets wary ahead of Fed, BOJ

By Stanley White

TOKYO (Reuters) – The yen was pinned near a six-week low versus the dollar on Friday as signs the United States and China were narrowing their differences over trade ahead of key talks decreased demand for safe haven assets.

That nudged the yuan up to near four-week highs against the U.S. currency in offshore trade, while the euro held steady after swinging wildly on Thursday following the European Central Bank’s surprise decision to resume government debt purchases from November to support a flagging economy.

In the very short-term, guarded optimism about a resolution to the U.S.-China trade war should continue to push Treasury yields higher and weigh on safe-haven currencies.

However, this confidence could be short-lived as the U.S. Federal Reserve is widely expected to cut interest rates next week while the ECB’s easing places pressure on the Bank of Japan to follow suit.

“We’ve managed to scale back our pessimism about U.S.-China trade talks, which is a supportive factor for now,” said Takuya Kanda, general manager of research at Gaitame.com Research Institute in Tokyo.

“Once we start to focus on the Fed’s rate cut, perceptions of the market will change. Treasury yields and dollar/yen look to be too high and are likely to start drifting lower.”

The dollar rose to 108.265 yen , the highest since Aug. 1.

The greenback was up 1.2% versus the yen this week, on course for its best weekly performance since November 2018.

The dollar has also drawn support from a spike in U.S. Treasury yields, with the benchmark 10-year yield at a five-week high.

U.S. President Donald Trump said on Thursday he would not rule out an interim trade pact with China.

The two sides are preparing for new rounds of talks aimed at curbing their trade war, which has dragged on for more than a year, roiling financial markets and threatening to push other economies into recession.

The yen, widely considered a safe-haven currency, tends to rise during times of heightened economic or market stress and vice versa.

China’s financial markets were closed for a public holiday on Friday. In offshore trade, the yuan rose 0.3% versus the dollar to 7.0459, the strongest since Aug. 19.

Sterling was up 0.3% on the dollar this week, on course for its second week of gains after the British Parliament moved to block a so-called no-deal exit from the European Union.

The pound remains vulnerable, however, given the continuing uncertainty over how lawmakers will decide the terms of the UK’s divorce from the EU.

The euro () held steady at $ 1.1068, on course for its second weekly gain against the dollar.

The single currency initially tumbled on Thursday after the ECB cut its deposit rate by 10 basis points to a record low of minus 0.5% and said it would restart bond purchases at a rate of 20 billion euros a month from Nov. 1.

The rate cut was widely expected, but the revived bond purchases were a surprise. Still, the euro managed to claw back losses as the ECB’s comprehensive stimulus package now shifts the spotlight to the Fed and BOJ policy meetings next week.

Financial markets have fully priced in a rate cut at the Fed’s Sept. 17-18 policy meeting. Most economists expect additional monetary policy easing in October and December.

The Fed cut rates in July for the first time since 2008.

Trump has publicly criticized the Fed for not cutting rates more aggressively, but positive economic data has cast some doubt on the need for extensive easing.

The BOJ is also brainstorming ways to deepen negative interest rates at minimal cost to commercial banks, as it considers adopting it as a main policy response to a slowing economy, sources familiar with the bank’s thinking said.

The BOJ’s next policy decision is due Sept. 19.

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Cautious optimism supports dollar ahead of ECB

By Tom Westbrook

SINGAPORE (Reuters) – Fragile investor confidence supported the dollar and weakened the yen on Wednesday but currency markets kept to tight ranges ahead of series of major central bank meetings over the next week.

Investor focus for now is centered on the European Central Bank’s meeting on Thursday, which is expected to push interest rates even further into negative territory.

The ECB could set the tone for upcoming rate-setting decisions by the U.S. Federal Reserve and the Bank of Japan next week, and for the broader global risk appetite.

For now, a cautious risk-on mood has prevailed after political crises that had hobbled markets, from Britain to Hong Kong, abated, taking the shine off safe-haven assets.

Bonds slid overnight and the yen hit 107.65 per dollar, its lowest since Aug. 1.

Overhanging the relief buying, however, are signs of a slowdown in global demand, which have offset recent positive developments in U.S.-China trade negotiations.

The euro (), which has shed 3% since June, was flat at $ 1.1047. The dollar was flat against the Australian dollar at $ 0.6860 and steady on the yen and the New Zealand dollar .

“Expect a quiet day of trading, with some support of risk, as a broader cyclical rotation continues,” Australia and New Zealand Banking Group analysts said in a note.

“Speculation over whether the ECB will enact a new QE program on Thursday continues to ebb and flow.”

ECB policymakers are leaning toward a package that includes a rate cut, a pledge to keep rates low for longer and compensation for banks over the side-effects of negative rates, five sources familiar with the discussion said last week.

On the other hand, concerns have been building that global central banks are reaching the limits of their stimulus options, especially those with negative interest rates and sub-zero long-term sovereign bond yields.

“Given the chance that the ECB fails to match market expectations for easing policy, the balance of risks favors higher EUR/USD and European FX outperformance,” ING forex strategists said in an overnight note.

Much of the positive mood in recent days has been driven by optimism that a high-level meeting of U.S. and Chinese negotiators at Washington next month can deliver some sort of trade-war circuit breaker.

That was tamped down somewhat by White House trade advisor Peter Navarro on Tuesday, when he urged patience about resolving the two-year trade dispute between the world’s two largest economies and said to “let the process take its course.”

But the prospect of a breakthrough stoked appetite for Asian currencies such as the trade-exposed South Korean won , which drifted higher in Asian trading hours and to around 1189.50 per dollar, close to its highest since Aug. 2.

The yen, already under pressure as investors spurned safe havens, was further sold overnight after Reuters reported BOJ policymakers are more open to discussing the possibility of expanding stimulus at their board meeting on Sept. 18-19.

And the pound has held on to last week’s gains after British parliament passed a law compelling Prime Minister Boris Johnson to seek a delay to the Oct. 31 date for leaving the European Union. Sterling last traded at $ 1.2353.

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Yen rises as traders temper optimism over U.S.-China trade deal

© Reuters. Light is cast on a Japanese 10,000 yen note as it's reflected in a plastic board in Tokyo, in this picture illustration © Reuters. Light is cast on a Japanese 10,000 yen note as it’s reflected in a plastic board in Tokyo, in this picture illustration

By Hideyuki Sano and Stanley White

TOKYO (Reuters) – The yen rose on Tuesday as some investors tempered their optimism about the chances for a quick resolution to the U.S.-China trade war, which boosted so-called risk-off trades.

Global markets have been whipsawed by dramatic twists in the trade dispute this month. U.S. President Donald Trump on Monday flagged the possibility of a trade deal with China, days after both sides announced new tariffs.

The dollar came under additional pressure versus the yen as a decline in U.S. Treasury yields showed some investors still favored the safety of government debt.

The currency market also took some relief from a stronger-than-expected daily yuan fixing by the People’s Bank of China, which many traders considered an attempt to slow the yuan’s decline versus the dollar.

While Washington and Beijing have shown a willingness to return to the negotiating table to resolve their trade row, there are lingering concerns about a lack of a clear path toward resolving a dispute that has dragged on for more than a year and hurt global growth, corporate profits and investments.

“The dollar rallied overnight due to optimism about a trade deal, but there’s a sense that the market has gotten a little ahead of itself,” said Junichi Ishikawa, senior foreign exchange strategist at IG Securities.

“Some traders can book a little profit here. There are still so many issues that can trigger a clash between the United States and China. Treasuries shows the market is still somewhat skeptical.”

The yen rose around 0.4% in Asian trading to 105.76 per dollar.

The yen, which tends to be bought in times of economic uncertainty, also rose around 0.6% versus the Australian and New Zealand dollars.

The () measuring the greenback against a basket of six major currencies was little changed at 98.011.

Benchmark 10-year U.S. Treasury yields () fell to 1.5249% in Asia. The yield curve was inverted as 2-year yields traded at 1.5326%, which is commonly considered a sign of an impending economic recession.

On Monday the greenback rebounded from near eight- month lows of 104.46 yen after some signs of rapprochement between Washington and Beijing soothed investors’ nerves.

Speaking on the sidelines of the G7 summit of world leaders in France on Monday, U.S. President Donald Trump said Chinese officials had contacted U.S. trade counterparts overnight and offered to return to the negotiating table.

Trump’s comments sparked a wave of so-called risk-on trades, which initially boosted the dollar, weakened safe-haven currencies, and lifted stock markets.

However, some doubts have crept into markets as a Chinese Foreign Ministry spokesman said he had not heard that a phone call between the two sides had taken place. The Commerce Ministry, which typically releases statements on trade calls, did not respond to a request for comment.

Prior to market opening, the People’s Bank of China (PBOC) lowered its official midpoint to 7.0810 per dollar. That was a fresh 11-1/2-year low, but still at a stronger setting than traders had expected.

In onshore trade the dollar rose 0.13% to 7.1615 yuan , strengthening less than 0.76% from Monday, as traders said the Chinese central bank kept the yuan from weakening faster.

Attempts to slow the greenback’s rise against the yuan also weighed the dollar down versus the yen, traders said.

“I was quite surprised by the big gains in the dollar/yen overnight. But it is unclear what the U.S. and China will do next, and I would expect the dollar to consolidate for the time being,” said Kyosuke Suzuki, director of forex at Societe Generale (PA:).

The euro was quoted at $ 1.10985 (), little changed on the day.

Sterling traded at $ 1.2216 , after a 0.5% fall on Monday as investors reassessed whether British Prime Minister Boris Johnson had made any progress in convincing the European Union to renegotiate the Brexit agreement.

Johnson said on Monday he was prepared to take Brexit talks with the European Union down to the very last minute before the Oct. 31 exit deadline, and if necessary to take a decision to leave without a deal on that day.

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Forex – U.S. Dollar Rises on Trade Optimism

© Reuters.  © Reuters.

Investing.com – The U.S. dollar was higher on Monday, as trade optimism helped offset weak economic data.

The , which measures the greenback’s strength against a basket of six major currencies, rose 0.33% to 97.96 as of 10:55 AM ET (14:55 GMT).

Speaking at the G7 summit in Biarritz, France, on Monday, U.S. President Donald Trump said that he had received two phone calls from Chinese officials over the weekend urging new trade talks. The Chinese Foreign Ministry said it was not aware of any phone calls between the two nations, but Vice Premier Liu He said he wanted to solve their trade differences as calmly as possible.

Tensions escalated on Friday after both the U.S. and China announced new tariff measures and Trump appeared to threaten to use emergency powers to force U.S. companies to stop making goods in China.

Meanwhile, new orders for U.S. capital goods rose slightly in July as shipments fell by the most in nearly three years as economic growth slowed.

The Japanese yen, which is seen as a safe haven in times of market turmoil, fell with rising 0.6% to 105.96.

Elsewhere, was down 0.2% to 1.1117, as speculation remained that the European Central Bank will have to aggressively ease its monetary policy next month after the German business climate index came in slower than expected.

declined 0.5% to 1.2214.

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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Mnuchin comments show that a little optimism can go a long way with the current market mood

US equity futures spike to session highs on Mnuchin’s remarks on trade

E-minis 26-06
ForexLive

Even if that optimism is a little bit misguided, Mnuchin basically gave us a taste of what to expect if there is good news to come from Trump and Xi’s meeting later on in the week. When I mean misguided, check out this report (may be gated) by the FT back in April.

Yup, it’s the same headline. That a “US-China trade deal is 90% done/complete”.

Markets may be a little too quick to jump the gun here by riding on Mnuchin’s comments today but if anything else, it highlights the kind of anticipation and focus towards US-China trade talks since the start of the week.

Should there be good news to come from the Trump-Xi meeting in Osaka, the euphoria in risk assets has the potential to be insatiable when we kick start the new week on Monday.

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Dollar hits three-week high vs yen on trade optimism; U.S. jobs report in focus

© Reuters. FILE PHOTO: U.S. dollars and other world currencies lie in a charity receptacle at Pearson international airport in Toronto © Reuters. FILE PHOTO: U.S. dollars and other world currencies lie in a charity receptacle at Pearson international airport in Toronto

By Shinichi Saoshiro

TOKYO (Reuters) – The dollar rose to a three-week high versus the yen on Friday, lifted by expectations that a protracted trade dispute between the United States and China would be resolved soon.

The greenback has gained about 0.85 percent against its safe-haven Japanese peer this week, thanks also to factors such as strong U.S. economic data and broad improvement in risk appetite.

The trade war between the world’s two biggest economies has been a major distraction for financial markets over the past year, with riskier assets in particular taking a hit on worries about the broadening business and growth impact of the conflict.

U.S. President Donald Trump said on Thursday both countries were getting very close to a trade deal that could be announced within four weeks.

On the economic front, investors will have an opportunity to gauge the health of the world’s largest economy when the March U.S. jobs report is released at 1230 GMT.

“In particular focus is how strong the earnings component of the jobs report turns out to be. A strong wages outcome would underline robust private consumption and hasten the rebound in Treasury yields and in turn allow dollar/yen to test fresh highs,” said Junichi Ishikawa, senior FX strategist at IG Securities in Tokyo.

The dollar extended overnight gains and rose to 111.80 yen, its highest since March 15.

The euro was steady at $ 1.1223, capped firmly after data released on Thursday showed German industrial order dropped in February.

The pound was nearly flat at $ 1.3074 after shedding 0.7 percent overnight.

Sterling slipped on Thursday, snapping a three-day rising streak, as concerns rose that Britain may be headed for a protracted Brexit delay. [GBP/]

Britain could ask the European Union for a long Brexit delay next week if crisis talks between Prime Minister Theresa May’s government and the opposition Labour Party fail to find a way out of the impasse over the divorce from the European Union.

The against a basket of six major currencies was unchanged at 97.300 after rising 0.2 percent the previous day.

The Australian dollar was a touch higher at $ 0.7120.

The currency has risen about 0.3 percent this week, supported as signs of progress in the U.S.-China trade dispute lifted risk assets and commodity prices.

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 – Dollar Advances as Jobless Claims Data Stokes Nonfarm Payroll Optimism

© Reuters. © Reuters.

Investing.com – The U.S. dollar was higher against its rivals Thursday as U.S. jobless claims fell to a multi-decade low, stoking optimism about the labor market ahead of the crucial nonfarm payrolls data due Friday.

The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose by 0.25% to 96.90.

The U.S. Department of Labor reported Thursday that dropped by 10,000 to a seasonally adjusted 202,000 for the week ended March 31, beating economists’ forecast for a drop of 4,000.

“The data adds to the evidence that the trend in employment growth has not slowed significantly. We continue to forecast a strong rebound in payrolls growth in tomorrow’s report for March,” HFE said in a note.

The dollar was also boosted by somewhat hawkish mixed remarks on monetary policy from Fed speakers.

Federal Reserve Bank of Philadelphia President Patrick Harker said he sees “at most” one rate hike in 2019 and one in 2020. Federal Reserve Bank of Cleveland President Loretta Mester, meanwhile, hinted at the possibility of higher rates should the economy pick up momentum.

Sterling, meanwhile, lost ground against the dollar as traders prepare for a the possibility of a prolonged Brexit extension after the U.K lawmakers narrowly approved a bill, forcing the Prime Minister Theresa May to seek a further extension of Article 50 to prevent a no-deal Brexit on April 12.

The bill does not, however, compel the EU to grant an extension, so a no-deal Brexit, while increasingly unlikely, remains on the table.

fell 0.68% to $ 1.3069, with market participants opting to sit out of cable until a clearer path for Brexit was established.

UBS said it does not advocate taking directional views in sterling and expects the pound to “remain susceptible to volatility at each stage of what is becoming an increasingly protracted Brexit process.”

fell 0.13% to $ 1.1219 as slumped, renewing fears a recession is brewing in the euro area economy. Both Germany and Italy downgraded their GDP forecasts.

rose 0.07% to Y111.55 as risk sentiment remained supported as traders bet the U.S. and China will reach a consensus on a trade deal.

rose 0.06% to C$ 1.33448 after hitting a session high of $ 1.3373 as oil prices moved off 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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Euro gains as U.S.-China trade-talk optimism boosts sentiment

© Reuters. FILE PHOTO:  A picture illustration shows Euro and U.S. Dollar banknotes in Sarajevo © Reuters. FILE PHOTO: A picture illustration shows Euro and U.S. Dollar banknotes in Sarajevo

By Tommy Wilkes

LONDON (Reuters) – The euro rallied and riskier currencies like the Australian dollar strengthened on Monday as optimism over a breakthrough in U.S.-China trade war talks encouraged investors.

The euro has been stuck in a trading range against the dollar for several months as growing weakness in the euro zone economy offset dwindling expectations the Federal Reserve will raise U.S. interest rates again this year.

But after dropping to a three-month low on Friday, the euro has recovered, helped by improved investor sentiment as hopes rose for an end to the U.S.-China trade conflict after both sides reported progress in talks.

The dollar, the world’s most liquid currency, tends to perform well during bouts of investor nervousness.

"Generally the mood is still quite positive on the outlook for trade," said Adam Cole, a currencies analyst at RBC Capital Markets, adding that he thought the "risk-on" mood would continue.

"If anything we would be running with it. You have a background of quite decent growth and a Fed that is putting rates on hold."

However, he said a better way to play the Fed’s pausing of rate increases was in dollar/yen, as more Japanese investors choose not to hedge purchases of dollar-denominated assets which already earn a decent yield after 2018’s U.S. rate rise.

Cole sees dollar/yen rising to 120 yen per dollar by the end of 2019 from current levels of 110.55.

The euro ticked 0.3 percent higher to $ 1.1328, while the , which measures the U.S. unit against a basket of rivals, slipped 0.2 percent to 96.687 in a quiet session with U.S. markets closed for a holiday on Monday.

Despite Monday’s gains, traders are betting on a weaker euro in the coming months. They expect the European Central Bank to maintain its easy monetary policy against a backdrop of slow growth, tepid inflation and political uncertainty.

Commerzbank (DE:) analysts said the single currency also remained vulnerable to any flare-up in a U.S.-European trade dispute.

"There would be very little to report on the euro positive side if this conflict were to escalate. The smallest economic disruptions would no doubt be damaging for the euro in the light of the fragile state of the euro zone economy," they wrote.

The Australian dollar, considered a barometer of global risk sentiment, rose 0.2 percent to $ 0.7154.

Sterling gained 0.3 percent to $ 1.2918, up from last week’s one-month lows as investors awaited the outcome of talks between Britain and the European Union, with London trying to convince Brussels to tweak its withdrawal agreement.

Emerging market currencies were mixed.

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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European shares rise on trade optimism; Michelin inflates tire makers, autos

© Reuters. Pedestrians pass the London Stock Exchange in London © Reuters. Pedestrians pass the London Stock Exchange in London

LONDON (Reuters) – European shares opened higher on Tuesday as investors cheered signs of a compromise in the standoff over the U.S. government funding and positive signals around U.S.-China trade talks, while Michelin’s results pumped up tire stocks.

The pan-European was up 0.6 percent at 0841 GMT, with Germany’s trade-sensitive up 1.2 percent and Paris’ up 0.7 percent.

Automakers and their suppliers were the biggest gainers, up 2.2 percent after Michelin (PA:) delivered better-than-expected results and pledged further gains in operating profit this year despite challenging conditions.

The French tire maker’s shares rallied more than 10 percent and were on track for their best day in nearly a decade.

Italy’s Pirelli and Germany’s Continental topped the leader board in their domestic markets and were among the biggest gainers on the STOXX 600.

In a sign of the high expectations for luxury brand earnings following solid numbers from the sector, including LVMH last week, Gucci owner Kering (PA:) fell even after its better-than-expected sales and upbeat comments about Chinese demand.

Investors questioned whether the results were as solid in China as its rivals and Citigroup (NYSE:) analysts said the numbers might not be enough to please demanding market expectations. The shares were down 3.3 percent.

Thyssenkrupp (DE:) shares fell 2.6 percent after its mixed report. The German steel-to-elevator maker stood by its 2018/19 targets, but warned the global economic environment is darkening after reporting a big drop in first-quarter results.

Investors continued to punish TUI as the tour operator reported a widening loss in its quarter to end-December. That follows its profit warning last week.

Online trading platform Plus500 lost more than a third of its value after the company issued a profit and revenue warning, blaming tightening EU regulation on its retail business. The news dragged peer IG with it.

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: Sterling Hits New Highs on Brexit Optimism

© Reuters.  © Reuters.

Investing.com – The pound hit a two-year high against the euro Friday and a three-month high against the dollar on growing confidence that the U.K. can avoid crashing out of the European Union.

The U.K. newspaper The Sun reported that Ireland’s Democratic Unionist Party is prepared to conditionally back Prime Minister Theresa May’s Brexit Plan B next week.

“If this report is true, I expect sterling to rally to 1.32 versus the dollar. A technical breakout to 1.38 is also a possibility,” Michael McCarthy, chief markets strategist at CMC Markets, said in a Reuters report.

The deal faces a debate and vote in Parliament on January 29. For May’s deal to be approved, she will need to convince far more than the handful of DUP lawmakers. Her plan was rejected by 432 votes to 202 in the House of Commons earlier this month.

The pair rose as high as $ 1.3134 in Asia but retreated to $ 1.3077 by Friday by 04:07 AM ET (09:07 GMT). The pound also rose as high as 1.1598 against the euro, its highest since May 2017, after European Central Bank board member hinted the bank may not raise interest rates at all this year.

Meanwhile, the that tracks the greenback against a basket of other currencies was down 0.1% to 96.140 as traders digested the latest news on U.S.-China trade disputes.

In an interview on CNBC on Thursday, U.S. Secretary of Commerce Wilbur Ross said while he acknowledged there is a “fair chance” of a trade deal, and that he thinks both China and the U.S. are eager to end their trade war, he is concerned that the two nations remain far apart on trade.

“Trade is very complicated. There are lots and lots of issues,” he said.

Ross added that the two sides have been making progress on “easier” issues like how much of certain American products the Chinese will agree to buy, such as soybeans and liquefied .

On the other hand, contradicting Ross’s comments, White House Economic Adviser Lawrence Kudlow later said President Donald Trump is optimistic about trade talks, adding that he expected the January jobs report would be up a significant amount.

Elsewhere, the was little changed after it traded lower on Thursday after one of the Australian top four big national banks, the National Australia Bank (AX:), raised the home loan rates.

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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