Major currencies await Sino-U.S. deal details, sterling ticks up
TOKYO - The Chinese yuan and the Australian dollar hovered below four-month highs touched last week in early Monday trade as investors pored over the U.S.-China trade deal, while sterling stayed strong after a decisive UK general election.
Washington and Beijing cooled their trade war last week, reducing some U.S. tariffs in exchange for what U.S. officials said would be a big jump in Chinese purchases of American farm products and other goods. “It is not that markets are unhappy with the agreement but we will inevitably see some position adjustments as we approach the year-end holiday period,” said Yukio Ishizuki, senior strategist at Daiwa Securities., slipping back from a four-month high of 6.9247 per dollar hit last week., easing from Friday's four-month high of $0.6930, up 0.05% so far in Asia, off four-month peak of $1.1200 set in Asian trade on Friday.
“We have seen over time more reports about the differences between what U.S. said and what China said about the agreement,” said Takafumi Yamawaki, head of fixed income research at JPMorgan Securities in Tokyo. “The U.S. talks about the size of U.S. farm products China will buy but China stayed mum.”
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