U.S. dollar rises amid optimistic mild signs on trade

on Nov 27, 2019
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  • The U.S.Dollar inched up in Asia after President Trump said the U.S. and China were in the final throes of an outstanding deal.
  • Trump also reiterates the U.S.'s support for Hong Kong protesters- which is a potential sore point for China.
  • U.S. consumer confidence fell for a fourth straight month in November despite expectations of a small rebound.

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On Wednesday, the USD inched up in Asia after President Trump said the U.S. and China were in the final throes of an outstanding deal. His statement gave hope that the two countries could soon sign an agreement to end the 1-month trade war.

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However, Trump also reiterated the U.S.’s support for Hong Kong protesters- which is a potential sore point for China.

“I’m holding it up because it’s got to be a good deal,” he said in an interview with Fox News. “We can’t make a deal that’s like, even. We have to make a deal where we do much better because we have to catch up.”

On Tuesday, the Chinese Ministry of Commerce said that the two countries had phone calls this week and had reached a consensus to resolve relevant issues properly. However, the ministry did not provide further details.

Later, the U.S. officials confirmed the call and added that obstacles remain.

The U.S. Dollar Index Futures inched up 0.1% to 98.270 by 12:40 04:40 GMT.

Consumer spending data

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On the data front, U.S. consumer confidence fell for a fourth straight month in November despite expectations of a small rebound.

U.S. consumer spending data is due later in the day, along with GDP, jobless claims, and durable goods.

The U.S. bond market and equity markets will be shut on Thursday for the Thanksgiving holiday.

The EUR/USD pair dropped 0.1% to 1.1008. Euro-area inflation for October is due on Friday.

Meanwhile, the GBP/USD pair also slipped 0.1% to 1.2851.

The USD/JPY pair climbed 0.1% to 109.14. The AUD/USD pair fell 0.2% to 0.6770.

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