The U.S. dollar has recovered from its worst levels of the day but continues to see modest weakness during trading on Tuesday.
Currently ,the dollar is trading at 108.64 yen compared to the 108.98 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.1080 compared to yesterday’s $1.1079.
The greenback moved to the downside earlier in the day after President Donald Trump suggested he might prefer to wait until after the 2020 elections to strike a trade deal with China.
Trump told reporters at a NATO summit in London there is no deadline to reach a trade deal, adding, “In some ways, I think it’s better to wait until after the election.”
“But they want to make a deal now, and we’ll see whether or not the deal’s going to be right; it’s got to be right,” Trump said.
Trump claimed a potential trade deal is only dependent on whether he wants to sign it, because the U.S. is “doing very well” and China is “having by far the worst year that they have had in 57 years.”
The comments from the president added to rising trade concerns after his administration threatened to impose duties of up to 100 percent on $2.4 billion in French imports, including champagne and handbags.
The threat comes after the administration concluded France’s new digital services tax discriminates against U.S. companies such as Google (GOOGL), Apple (AAPL), Facebook (FB), and Amazon (AMZN).
However, traders seemed somewhat reluctant to make more significant moves ahead of the release of the closely watched monthly jobs report on Friday.
The material has been provided by InstaForex Company – www.instaforex.com