Upcoming US-North Korea meeting supports US dollar

Posted 12 June, 2018

On Tuesday, the US dollar has hiked to a multi-week high driven by the expectations of the US-North Korea meeting which is aimed to reduce the tensions.

The US dollar index increased to some 93.72 this morning, with further softening to 93.54.

The US dollar expanded positions against the yuan to 6.4025. The PBOC has set reference yuan rate at 6.4121 (6.4064 earlier).

A positive dynamics was seen in the US dollar-to-yen exchange rate moving up to some 110.30. The Japanese yen which is considered as a safe haven usually strengthens during the political tensions and market concerns. At the same time, higher greenback against yen shows that players are quite optimistic now and believe the meeting may be positive for the North Korea denuclearization issue. The country's regulator will hold the meeting this week with no dramatic changes to be expected.

However, this week's spotlight is the US-North Korea summit. The milestone meeting between the USA and North Korea started in Singapore – the parties expressed intentions to settle the disagreements and find the appropriate way to end the nuclear conflict in Korea.

According to the news reports, the US president arrived in Singapore on Monday.

The further dollar perspectives may become clear after the FOMC meeting slated for Wednesday. The US Federal Reserve may probably revise the rate for the second time this year, but the players are more curious about whether the fourth revision will take place in 2018 or not.

At the same time, the US dollar lost positions against its Australian counterpart, reaching some 1.3130, with the latter soaring amid the meeting of the summit in Singapore. The monthly business confidence data was to be released by the Reserve Bank of Australia.

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12 June, 2018 12:16

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