US dollar weaker on stronger demand for safe haven

Posted 12 August, 2019

The US dollar lost grounds at the first Asian trading of this week. The greenback is slackening against the euro and Japanese yen due to persisting tensions connected with the US-China trade issue since the demand for a safe haven is soaring now.

The market remained focused on the conflict waiting for the next round of the talks slated for September. At the same time, the US President Donald Trump stated in the remarks last Friday that the talks could fail to take place.

"We have an open dialogue. We’ll see whether or not we keep our meeting in September," he said.

For reference, Washington already commented earlier that new duties on Chinese products could be launched. As a result, PBOC reduced reference rate of yuan to the 11-year low.

According to the market data, the US euro-to-US dollar exchange rate decreased to $1.1207, though later weakened to some $1.1190.

The greenback decreased against the Japanese currency to 105.16 (105.69 earlier).

At the same time, the US dollar mainly stable against the Chinese yuan. The rate is 7.0644, while the previous trading was closed at 7.0623.

Today, the PBOC reportedly set the reference rate for the national currency at 7.0211, which is below last Friday's level but above the expectations.

Last week, Donald Trump stated that the dollar is too strong, and the US Fed should keep cutting interest rate to ease the currency. 

Still, he added last Friday that Washington would not deliberately cut US dollar rate.

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