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Don961: Progress in US-China trade deal rises in dollars

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Agencies – Abu Dhabi
The dollar rallied on Friday as US and Chinese trade officials came close to finalizing parts of the first phase of a trade deal, the US Trade Representative’s office said.

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The dollar index rose 0.20 percent in afternoon trade to 97.826, the US currency rose against the euro 0.21 percent to 1.108 dollars, and 0.19 percent against the pound to reach 1.283 dollars.

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Most of the driving force of foreign exchange rates in the past year has come from global trade tensions, so anything that affects it positively or negatively will be a bigger engine than today’s data,” said Shehab Galinos, director of foreign exchange strategy at Credit Suisse. “The next major event will be the APEC summit in mid-November.   LINK
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