Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 
All NewsEconomyCurrencies / ForexCryptocurrenciesEconomic EventsPress releases

Yen gains, yuan weakens on report tariffs on China to stay through U.S. election

share with twitter share with LinkedIn share with facebook
share via e-mail
0
01/14/2020 | 02:47pm EST
A Japanese 1,000 yen banknote and Chinese 100 yuan banknotes are seen in this picture illustration, in Beijing, China

China's yuan weakened on Tuesday and the Japanese yen reversed earlier losses after a report that the United States will keep tariffs on Chinese goods through the U.S. election hurt risk sentiment.

The news came a day before the signing of a preliminary U.S.-China trade agreement to ease an 18-month-old trade war.

Bloomberg News reported that the United States will review and remove existing tariffs no sooner than 10 months after the deal is signed.

The U.S. Treasury Department on Monday reversed its designation of China as a currency manipulator in what has been seen as a conciliatory gesture ahead of the deal signing.

Risk sentiment has improved and demand for safe-haven assets like the yen have decreased on signs that the two countries are closer to de-escalating the trade war that has been blamed as a major headwind to global growth.

The trade deal "doesn't address the structural issues, but at least for markets it reduces some of the stress and some of the anxiety and uncertainty that plagued the markets throughout 2019," said Mark McCormick, North American head of FX strategy at TD Securities in Toronto.

The yen gained to 109.92 after rising to 110.2, the most yen per dollar since May 23.

The offshore yuan weakened to 6.89, after rising to 6.87 per dollar, the strongest since July 11.

The Swiss franc also hit session highs of 0.966 on safety buying, a day after the United States added Switzerland to its watchlist of currency manipulators.

The greenback rose against the euro as year-end rebalancing that had benefited the single currency at the expense of the dollar continued to be unwound.

"We are getting some of the reversal of that, along with, I think the macro story in Europe is still generally weak," McCormick said.

The euro has fallen to $1.1130 from a five-month high of $1.1239 on Dec. 31.

Data on Tuesday showed that U.S. consumer prices rose slightly in December and monthly underlying inflation pressures retreated, which could allow the Federal Reserve to keep interest rates unchanged at least through this year.

The next major U.S. economic focus will be retail sales on Thursday.

By Karen Brettell

Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / JAPANESE YEN (AUD/JPY) -0.51% 75.315 Delayed Quote.-0.54%
BRITISH POUND / JAPANESE YEN (GBP/JPY) 0.09% 143.248 Delayed Quote.-0.58%
CANADIAN DOLLAR / JAPANESE YEN (CAD/JPY) -0.39% 84.088 Delayed Quote.0.80%
EURO / JAPANESE YEN (EUR/JPY) -0.23% 121.931 Delayed Quote.0.34%
JAPANESE YEN / SWISS FRANC (JPY/CHF) 0.18% 0.8808 Delayed Quote.-1.38%
MCCORMICK & COMPANY 0.92% 168.68 Delayed Quote.-0.62%
NEW ZEALAND DOLLAR / JAPANESE YEN (NZD/JPY) -0.32% 72.479 Delayed Quote.-0.17%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.51% 6.9057 Delayed Quote.-1.36%
US DOLLAR / JAPANESE YEN (USD/JPY) -0.19% 109.954 Delayed Quote.1.38%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news "Economy & Forex"
04:40aJobs boom returns as Bank of England considers rate cut
RE
04:37aUBS misses targets, dials back ambitions
RE
04:32aUBS misses targets, dials back ambitions
RE
04:24aCENTRAL BANK OF SRI LANKA : Forensic Audits
PU
04:24aMÁRTON NAGY : Sustainable convergence achieved using the euro: Maastricht 2.0
PU
04:23aChina five-year CDS rise 10% to near two-week high on virus fears
RE
04:22aEU lawmakers give initial backing to Vietnam trade agreement
RE
04:19aFestive cheer falls flat for some British retailers
RE
04:15aSouth African Airways cancels 'a few domestic flights' -spokesman
RE
04:14aBOJ raises growth forecast, signals status quo on policy outlook
RE
Latest news "Economy & Forex"