Dollar firm

REUTERS
July 01, 2018

TOKYO: The dollar held firm versus the yen, supported by quarter-end buying as well as an absence of any fresh escalation in trade-related tensions between the United States and its major trading...

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TOKYO: The dollar held firm versus the yen, supported by quarter-end buying as well as an absence of any fresh escalation in trade-related tensions between the United States and its major trading partners.

Still, trade worries look set to dominate the market with traders increasingly worried about the impact of Sino-U.S. trade disputes on China´s economy.

The dollar firmed to 110.49 yen, having made gains for the last three sessions and nearing this month´s high of 110.905, helped by seasonal buying at the end of quarter and half-year.

The yen, which tends to be bought on signs of economic stress because of expectations of Japanese asset repatriation, also lost some support after U.S. President Donald Trump indicated he would take a softer approach on Chinese investments in U.S. technology companies.

The dollar is also broadly supported thanks to the prospects of rising U.S. interest rates on the back of solid expansion in the U.S. economy.

The dollar´s index against a basket of six major currencies stood at 95.288, having risen to as high as 95.534 on Thursday, a high last seen almost a year ago. The index is on course to make its first quarterly gain in six, having risen 5.9 percent so far.



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