The Chinese yuan moved higher against the U.S. dollar on Thursday in Asia following reports that Washington and Beijing started to outline a trade deal to end a seven-month long trade war.<\/p>\n
Citing sources familiar with the negotiations,\u00a0<\/span>Reuters reported<\/a><\/span>\u00a0<\/span>on Thursday in Asia that \u201cthe broad outline of what could make up a deal is beginning to emerge from the talks.\u201d The move is the most significant progress yet toward ending the Sino-U.S. trade war, Reuters said.<\/p>\n The sources added that officials from both sides are drawing up six memorandums of understanding on structural issues such as forced technology transfer and non-tariff barriers to trade.<\/p>\n The news was cited as a tailwind for the Chinese yuan. The\u00a0<\/span>USD\/CNY<\/a><\/span>\u00a0<\/span>pair last traded at 6.6995 by 12:52 AM ET (05:52 GMT), down 0.3%.<\/p>\n The People’s Bank of China (PBOC) raised Yuan’s fixing by 338 pips to 6.7220 per USD vs the previous day’s fix of 6.7558.<\/p>\n Meanwhile, The\u00a0<\/span>AUD\/USD<\/a><\/span>\u00a0<\/span>pair traded 0.7% lower at 0.7109. The Aussie dollar rallied early in the session to a two-week peak of 0.7207 against the dollar on strong domestic January\u00a0<\/span>employment data<\/a><\/span>.<\/p>\n The Australian currency quickly dipped later in the day after Westpac dropped a changed forecast for its Reserve Bank of Australia policy outlook.<\/p>\n The bank said it expects two rate cuts from the Bank, the first in August 2019 to be followed with another in November 2019.<\/p>\n Reserve Bank of Australia (RBA) Governor Philip Lowe had sent the Aussie tumbling early in February by stepping back from the central bank’s long-standing tightening bias, saying the next move in interest rates could be either down or up.<\/p>\n Elsewhere, the\u00a0<\/span>U.S. Dollar Index<\/a><\/span>\u00a0<\/span>that tracks the greenback against a basket of other currencies was up 0.1% to 96.412.<\/p>\n Overnight, the minutes from the Federal Reserve strengthened expectations the central bank will leave interest rates on hold this year.<\/p>\n Federal Reserve policymakers expressed a willingness to end its balance sheet unwinding program later this year and keep rate hikes on hold to get a better sense of the health of U.S. economy and the extent of deteriorating global growth, minutes published Wednesday showed.<\/p>\n “Almost all participants thought that it would be desirable to announce before too long a plan to stop reducing the Federal Reserve\u2019s asset holdings later this year,” the minutes showed.<\/p>\n The\u00a0<\/span>USD\/JPY<\/a><\/span>\u00a0<\/span>pair was little changed at 110.74.<\/p>\n","protected":false},"excerpt":{"rendered":" The Chinese yuan moved higher against the U.S. dollar on Thursday in Asia following reports that Washington and Beijing started to outline a trade deal to end a seven-month long trade war. Citing sources familiar with the negotiations,\u00a0Reuters reported\u00a0on Thursday in Asia that \u201cthe broad outline of what could make Read more<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":[],"rop_publish_now_history":[],"rop_publish_now_status":"pending","_themeisle_gutenberg_block_has_review":false,"footnotes":""},"categories":[9,10,1],"tags":[],"class_list":["post-1254","post","type-post","status-publish","format-standard","hentry","category-homepage","category-latest-news","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/forexvarsity.com\/welcome\/wp-json\/wp\/v2\/posts\/1254","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forexvarsity.com\/welcome\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forexvarsity.com\/welcome\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forexvarsity.com\/welcome\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/forexvarsity.com\/welcome\/wp-json\/wp\/v2\/comments?post=1254"}],"version-history":[{"count":1,"href":"https:\/\/forexvarsity.com\/welcome\/wp-json\/wp\/v2\/posts\/1254\/revisions"}],"predecessor-version":[{"id":1255,"href":"https:\/\/forexvarsity.com\/welcome\/wp-json\/wp\/v2\/posts\/1254\/revisions\/1255"}],"wp:attachment":[{"href":"https:\/\/forexvarsity.com\/welcome\/wp-json\/wp\/v2\/media?parent=1254"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forexvarsity.com\/welcome\/wp-json\/wp\/v2\/categories?post=1254"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forexvarsity.com\/welcome\/wp-json\/wp\/v2\/tags?post=1254"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}