⏳ Final hours! Save up to 60% OFF InvestingProCLAIM SALE

Dollar Steadies After Navarro Clarifies Trade Deal Comments

Published 06/23/2020, 12:11 AM
Updated 06/23/2020, 12:14 AM
© Reuters.
GBP/USD
-
USD/JPY
-
AUD/USD
-
NZD/USD
-
USD/CNY
-
DX
-
SMFG
-

By Gina Lee

Investing.com – The dollar was up on Tuesday morning, steadying an earlier surge after White House trade advisor Peter Navarro clarified his statements concerning the U.S.-China trade deal.

Investors were taken on a roller-coaster ride earlier in the session after Navarro said that the deal was “over” on Monday, only to issue a clarification shortly afterwards stating that his comments had “been taken wildly out of context.”

U.S. President Donald Trump provided further assurance after he tweeted that the deal was “still intact.”

Daisuke Uno, chief strategist at Sumitomo Mitsui (NYSE:SMFG) Bank, told Reuters, "It's not clear exactly what is over, but today's market reaction suggests that after riding on optimism on the economy, markets are now ready to test the pessimistic side of the story,” referring to Navarro’s earlier comment.

The U.S. Dollar Index that tracks the greenback against a basket of other currencies was up 0.01% to 96.998 by 12:07 PM ET (5:07 AM GMT). Investors rushed to the safe-haven asset after Navarro’s initial comments over fears of rising U.S.-China tensions, only to slowly retreating after the clarifications.

The USD/JPY pair gained 0.30% to 107.19.

Riskier currencies such as the AUD recouped their earlier, temporary losses. The AUD/USD pair was up 0.14% to 0.6915, but the NZD/USD pair lost 0.06% to 0.6474.

The USD/CNY pair was up 0.13% to 7.0772, and the GBP/USD pair gained 0.12% to 1.2475.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.