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Investing.com-- Most Asian currencies firmed sharply on Friday after China signaled that it was open to trade dialogue with the U.S., while the dollar retreated amid caution before key nonfarm payrolls data.
Regional trading volumes still remained muted amid a slew of holidays in the region. Chinese markets remained closed and will open only on the coming Tuesday.
Still, the Chinese yuan was seen firming in offshore markets, with the USDCNH pair falling 0.3%.
The Japanese yen lagged its regional peers, with the USDJPY pair falling only 0.1%, as safe haven demand eased. The yen was also battered by dovish comments from the Bank of Japan this week, which sparked doubts over whether more interest rate hikes were even coming this year.
Other risk-driven currencies strengthened sharply. The Australian dollar’s AUDUSD pair added 0.6%, rising past mildly weaker-than-expected retail sales data. The Aussie is also considered a key gauge of risk appetite in Asia.
The South Korean won’s USDKRW pair fell 1%, while the Indian rupee’s USDINR pair slid 0.9% to a seven-month low.
The Taiwan dollar was a standout performer, with its USDTWD pair sliding 2.7% to its lowest level in nearly 14 years. The currency was boosted chiefly by hopes of improving U.S.-China ties, given Taiwan’s heavy exposure to both economies, while a string of positive U.S. tech earnings stood to boost Taiwan’s chip exports.
The Singapore dollar’s USDSGD pair fell 0.4%.
China signals openness to US trade talks
China’s commerce ministry said on Friday that it was open to dialogue with the U.S. over a bitter trade dispute between the two countries, although such talks will depend on the U.S. easing unilateral tariffs on the country.
Chinese officials also confirmed state media reports that U.S. officials had reached out to China over trade talks, although there were no ongoing negotiations.
Still, Friday’s comments ramped up hopes for a deescalation in the Sino-US trade war, especially as recent economic data from both countries highlighted increasing headwinds from the conflict.
Dollar weakens as nonfarm payrolls loom
The dollar index and dollar index futures both fell about 0.2% in Asian trade on Friday, cutting short a recent recovery from steep losses in April.
Weakness in the greenback came ahead of key U.S. nonfarm payrolls data for April, which is due later in the day. The print is expected to show a sharp decline in payrolls, capping off a week of disappointing U.S. economic readings.
The payrolls reading is expected to be the most recent reflection of heightened economic uncertainty in the U.S., as local businesses rush to keep up with Trump’s shifting agenda on tariffs and government funding.
Gross domestic product data released earlier this week showed the U.S. economy unexpectedly contracted in the first quarter.