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Forex – Dollar Extends Gains

Forex – Dollar Extends Gains  as seen after EUR/USD News
FxPremiere.com – The U.S. dollar rose to a new eight-week high in early trade in Europe Tuesday, as news of the deal to avert a fresh government shutdown was overshadowed by continued concerns about the U.S.-China trade war and more bearish talk out of Europe.

The US Dollar Index, which tracks the greenback vs a basket of major swift currencies, rose for straight day after German central bank chief Mr Weidmann warned in a speech that the euro zone was still not a serious concern.

Forex - Dollar Extends Gains
An employee checks U.S. dollar bank-notes at a bank in Hanoi, Vietnam August 12, 2015. REUTERS/Kham

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With one of the most obvious political risks to the U.S. economy lifted, the US dollar remains the major currency best supported by short-term growth dynamics.

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The pound slid to a new three-week low overnight, extending the losses it made after a raft of data showing the U.K. economy close to stalling as the deadline to leave the European Union approaches.

Elsewhere the Chinese yuan rebounded a little after its drop on Monday, while the USD/JPY pair hit a new high for 2019 of 110.66 before retracing to 110.58.

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The yuan traded slightly higher on Tuesday in Asia as U.S. President Donald Trump’s positive comments on trade supported the Chinese currency.

On Monday, Trump said in Texas that his administration is seeking “great deals on trade” and does not want China to have a hard time.

Comments by White House adviser Kellyanne Conway, in which she said Trump wants to meet with Chinese President Xi “very soon” also lifted investor sentiment.

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