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Tuesday, December 6, 2022

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The dollar drops after a successful contact between America and China

The US dollar fell, while its Australian counterpart and the Chinese yuan rose, after the United States and China described a phone call between the top trade officials in the two countries successful.

This boosted investor confidence that trade relations can last even at a time when diplomatic disputes prevail between the two countries, according to (Reuters). During the call, which was originally scheduled for Aug. 15, US Trade Representative Robert Lighthizer and Treasury Secretary Stephen Mnuchin spoke with Chinese Deputy Prime Minister Liu He. The United States said the two sides “expect progress”, while the Chinese Ministry of Commerce described the talks as “constructive.” The news helped lift the Australian dollar 0.2 percent to 0.7171 US dollars, and the Chinese yuan advanced slightly to 6.9070 yuan per dollar.

The US currency fell against the euro 0.2 percent to $ 1.1813, and for the same against the pound to $ 1.3088.

 

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