Precise Investors Editorial Team
Broader Asian currencies was between flat to mildly positive levels, retaining some momentum from Monday after signs of progress in China-U.S. trade relations sparked risk-on moves in markets
Most Asian currencies firmed slightly on Tuesday amid some optimism over improving China-U.S. trade relations.
The yen led gains as it recovered from steep losses logged in recent sessions. Focus was on a Bank of Japan meeting later in the week.
The yen’s USD/JPY pair declined 0.3%.
The won lagged even as gross domestic product (GDP) data showed the economy grew more than expected in the third quarter, amid improving exports after Seoul and Washington signed a trade deal earlier this year. The won’s USD/KRW pair added 0.4%.
Broader Asian currencies was between flat to mildly positive levels, retaining some momentum from Monday after signs of progress in China-U.S. trade relations sparked risk-on moves in markets.
Trump is now set to meet Chinese President Xi Jinping in South Korea later in the week.
The yuan’s USD/CNY pair shed 0.1% and was near its lowest level since November 2024.
The currency had firmed steadily in recent months, amid a series of strong midpoint fixes by the People’s Bank. China was seen keeping the yuan strong to boost the appeal of its exports.
Heightened trade tensions between China and the U.S. in October did little to stem the yuan’s ascent, although these tensions were seen easing after Beijing and Washington said they had agreed to a framework trade deal.
Xi and Trump are now set to build on this deal when they meet in South Korea later this week.
Anticipation of the meeting, along with a number of other upcoming economic events, kept broader Asian currencies trading rangebound. The Australian dollar’s AUD/USD pair added 0.1%, while the Singapore dollar’s USD/SGD and the Taiwan dollar’s USD/TWD dropped slightly.
Comments (0)
Average Rating: No ratings yet/5 (0 reviews)
No comments yet. Be the first to comment!