ANL 34.52 Increased By ▲ 0.67 (1.98%)
ASC 15.16 Increased By ▲ 0.26 (1.74%)
ASL 24.83 Increased By ▲ 0.32 (1.31%)
AVN 95.00 Increased By ▲ 3.86 (4.24%)
BOP 7.87 Decreased By ▼ -0.07 (-0.88%)
BYCO 10.31 Increased By ▲ 0.53 (5.42%)
DGKC 126.60 Increased By ▲ 1.85 (1.48%)
EPCL 57.16 Increased By ▲ 1.91 (3.46%)
FCCL 24.50 Increased By ▲ 0.09 (0.37%)
FFBL 27.96 Increased By ▲ 0.01 (0.04%)
FFL 16.04 Increased By ▲ 1.14 (7.65%)
HASCOL 10.02 Increased By ▲ 0.28 (2.87%)
HUBC 80.00 Increased By ▲ 0.83 (1.05%)
HUMNL 6.45 Increased By ▲ 0.21 (3.37%)
JSCL 20.41 Increased By ▲ 0.50 (2.51%)
KAPCO 40.94 Increased By ▲ 0.69 (1.71%)
KEL 3.87 Increased By ▲ 0.02 (0.52%)
LOTCHEM 17.24 Increased By ▲ 0.54 (3.23%)
MLCF 46.91 Increased By ▲ 1.17 (2.56%)
PAEL 36.17 Increased By ▲ 2.69 (8.03%)
PIBTL 10.49 Increased By ▲ 0.19 (1.84%)
POWER 9.35 Increased By ▲ 0.15 (1.63%)
PPL 85.74 Increased By ▲ 0.16 (0.19%)
PRL 25.71 Increased By ▲ 1.21 (4.94%)
PTC 9.45 No Change ▼ 0.00 (0%)
SILK 1.17 Decreased By ▼ -0.09 (-7.14%)
SNGP 39.36 Increased By ▲ 0.10 (0.25%)
TRG 159.61 Increased By ▲ 11.13 (7.5%)
UNITY 30.75 Increased By ▲ 1.12 (3.78%)
WTL 1.43 Increased By ▲ 0.23 (19.17%)
BR100 4,852 Increased By ▲ 65.72 (1.37%)
BR30 25,671 Increased By ▲ 690.82 (2.77%)
KSE100 45,186 Increased By ▲ 445.12 (0.99%)
KSE30 18,485 Increased By ▲ 152.7 (0.83%)

Coronavirus
VERY HIGH
Pakistan Deaths
15,443
11424hr
Pakistan Cases
721,018
505024hr
Sindh
268,750
Punjab
248,438
Balochistan
20,241
Islamabad
65,700
KPK
98,301
Markets

Dollar dips on trade optimism, before Fed meeting

Positive trade headlines continue to support our view that trade tensions are easing The dollar index against
28 Oct 2019
  • Positive trade headlines continue to support our view that trade tensions are easing
  • The dollar index against a basket of six major currencies fell 0.07% to 97.765. The greenback gained 0.19% against the Swiss franc to 0.9962.
  • The European Union on Monday agreed to a 3-month flexible delay to Britain's departure.

NEW YORK: The US dollar slipped on Monday as optimism that the US and China will reach a trade deal reduced demand for safe haven currencies, and as investors waited on the Federal Reserve's meeting this week.

US President Donald Trump said on Monday he expected to sign a significant part of the trade deal with China ahead of schedule but did not elaborate on the timing.

The comments come after the US Trade Representative's office and China's Commerce Ministry said on Friday that US and Chinese officials are "close to finalizing" some parts of a trade agreement, with talks to continue.

The trade war between the US and China has been blamed for adding to global economic weakness, which in turn has prompted central banks globally to cut rates.

"Positive trade headlines continue to support our view that trade tensions are easing," said Win Thin, global head of FX strategy at Brown Brothers Harriman.

The dollar index against a basket of six major currencies fell 0.07% to 97.765. The greenback gained 0.19% against the Swiss franc to 0.9962. The Australian dollar, which is highly sensitive to the Chinese economy, rose 0.07% to $0.6827 US dollars.

Hopes that Britain will reach a deal to leave the European Union, and avoid a disorderly exit, also boosted risk sentiment on Monday.

The European Union on Monday agreed to a 3-month flexible delay to Britain's departure from the bloc as Prime Minister Boris Johnson pushes for an election after opponents forced him to request an extension he had vowed never to ask for.

The next major US focus is this week's Federal Reserve meeting. The US central bank is expected to cut rates when it concludes its two-day meeting on Wednesday, though investors will be watching for any indication that further cuts are likely.

Fed policymakers are deeply divided on whether the US central bank should continue cutting rates.

"There's still an awful lot of discrepancy and uncertainty in the markets as to what the Fed will do next year," said Jane Foley, senior FX strategist at Rabobank. "The market will be looking for clues as to which way that might go."