US dollar softer, insiders focus on upcoming Federal Reserve meeting

Posted 02 May, 2018

US dollar has trimmed gains in the middle of the week following dramatic upturn last week. The USA and China are about to sit down to talk in Beijing, though insiders focus on the Federal Reserve meeting on probable rate revision.

In Asia, US Dollar index weakened to 92.29. The Federal Reserve meeting will take place today. With the restart of trading in the main markets (in particular, China and Hong Kong) after the holidays, Asian stocks mostly posted a decline.

The greenback went down against the yen to 109.77. In April Japan recorded PMI at 52.5, after the March rate at 50.9.

As for China, the America currency stays at 6.3606 against the yuan. The reference rate for the yuan is set at 6.3670 by the PBOC (6.3393 earlier).

According to the news reports, White House officials, including Steven Mnuchin, advisors Larry Kudlow and Peter Navarro, will visit Beijing for a trade issue talks later this week. The meeting will be aimed at determining ways to lower US trade deficit.

For reference, Donald Trump stated last week that the announced tariffs on Chinese goods would come into force in case of the ineffective meeting.

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