Forex

Dollar extends gains to two-month high amid trade talks

2019-02-11 13:53:10 GMT (Economies.com)

US dollar rose in European trade against a basket of major rivals for the eighth straight session, on track for the longest winning streak since November 2016 while marking two-month highs as traders await crucial US-China trade talks. 

 

The dollar index rose 0.25% to 96.65, the highest since December 17, with a session-low at 96.39. 

 

The index rose 0.1% on Friday, while marking a 1.1% profit last week, the first weekly profit in three, and the largest since August.  

 

Dollar remains a favorite choice over other major currencies amid mounting tensions facing them. 

 

Euro faces weak European data that confirms the sharp decline in growth, in turn increasing evidence that the European Central Bank will maintain its easy policies and lower rates. 

 

In Britain, Bank of England warned the economy might hit the lowest growth rate since 2009 due to global economic slowdown and Brexit uncertainty. 

 

In Australia, the central bank admitted the increasing economic concerns and opened the door for rate cuts this year, a marked reversal from the previous bullish stance. 

 

Now investors await US-China trade talks in Beijing, with focus on how the Chinese government plans to deal with intellectual property for US companies. 

 

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