Dollar Edges Higher as Trade Tensions Build

Date : 11/21/2019 @ 11:18PM
Source : Dow Jones News

Dollar Edges Higher as Trade Tensions Build

By Ira Iosebashvili 

The dollar crept higher Thursday, as investors awaited developments in trade talks between the U.S. and China.

The WSJ Dollar Index, which measures the U.S. currency against a basket of 16 others, was recently up 0.1% at 90.92.

China's chief trade negotiator late last week invited his U.S. counterparts for a new round of face-to-face talks, according to people briefed on the matter, The Wall Street Journal reported Thursday. Chinese officials hope the negotiations can take place before the Thanksgiving holiday, but the U.S. side hasn't committed to a date.

On Wednesday, concerns that the two sides won't reach an agreement this year grew after President Trump criticized China's efforts to reach a trade deal.

Some investors head to dollar-denominated assets when trade uncertainties arise because they believe the U.S. is better able to withstand a trade conflict than other countries.

The dollar has also been helped by a darkening global growth picture that has made U.S. assets a more attractive alternative to those in other countries.

The Organization for Economic Cooperation and Development said Thursday it expects global growth to increase this year at the slowest pace since the financial crisis.

In fixed-income markets, the yield on the 10-year benchmark U.S. Treasury note was recently 1.771%, up from 1.737% on Wednesday. Yields rise when bond prices fall.

Write to Ira Iosebashvili at ira.iosebashvili@wsj.com

 

(END) Dow Jones Newswires

November 21, 2019 18:03 ET (23:03 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.


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