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FOREX-Yen sags, yuan soars after U.S-China trade truce

Published 30/06/2019, 23:59
© Reuters.
USD/JPY
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USD/CHF
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* Yen, Swiss franc sag after Trump, Xi agree to resume talks
* Offshore yuan at highest levels since early May
* Graphic: World FX rates in 2019 http://tmsnrt.rs/2egbfVh

TOKYO, July 1 (Reuters) - The yen sagged and the yuan rose
in early Monday trade after the United States and China agreed
to restart trade talks as U.S. President Donald Trump offered
concessions on new tariffs and restrictions on tech company
Huawei HWT.UL .
The dollar rose 0.4% to 108.37 yen JPY= , extending its
recovery from near six-month low of 106.78 set last Tuesday.
The Swiss franc, another safe-haven currency, fell 0.3% to
0.97915 franc to the dollar CHF= .
The offshore Chinese yuan gained 0.6% to 6.828 per dollar
CNH= , its highest levels since May 10, just days after Trump
threatened additional tariffs on China.
After meeting Chinese President Xi Jinping on Saturday on
the sideline of Group of 20 summit, Trump said he would hold
back on tariffs and that China will buy more farm products.
Trump also said the U.S. Commerce Department would study in
the next few days whether to take Huawei off the list of firms
banned from buying components and technology from U.S. companies
without government approval.
Other major currencies were little moved in early trade,
with the euro steady at $1.1367 and the Australian dollar also
flat at $0.7026 AUD=D4 .

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