Optimism In Trade Talks Causes Dollar To Dip – 19 February, 2019

In a wave of optimism over a possible trade conflict resolution between the U.S. and China, the dollar fell against a basket of major currencies, fueled by traders scaling back their holdings of the safe haven greenback. Against six major currencies, the dollar index dipped 0.42 percent to 96.5. The index hit a two month high of 97.368 last week after failed negotiations in Beijing, though the talks fueled progress. Against the greenback, the yuan reached a two-week high at 6.7425 in offshore trading. The euro gained 0.25 percent to $1.13410, while it dipped 0.83 percent against the pound to 86.80 pence, and sterling was up 1.13 percent to $1.307.