The U.S. dollar fell and the Australian dollar and Chinese yuan rose after the United States and China both hailed a phone call between their senior trade officials as a success.
FILE PHOTO: A U.S. Dollar banknote is seen in this illustration taken May 26, 2020. REUTERS/Dado Ruvic/Illustration
On the call, which had been originally scheduled for Aug. 15, U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin spoke with Chinese Vice Premier Liu He. Stocks moved further into record territory by FX moves were contained as markets were not expecting a breakdown of the trade deal and looking ahead to a speech from Federal Reserve Chairman Jerome Powell later in the week, which could shift the U.S. dollar in either direction.
“The potential dovish shift in Fed policy should be well priced in by now which should limit further downside potential for the U.S. dollar,” said Lee Hardman, currency analyst at MUFG.
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