US dollar eases versus yen, slightly weaker against yuan

Business | 12 Aug 2019 3:15 pm

The US dollar remained on the defensive against the safe-haven yen today as the Sino-U.S. trade dispute looked set to drag on with no settlement in sight, Reuters reports.

The dollar was a shade weaker at 7.0925 yuan in offshore trade after the Chinese central bank's daily fixing came in firmer than market expectations. 
A week ago, China let its currency slip to weaker than 7 to the dollar for the first time since 2008, which some saw as an offset to U.S. tariffs. The change pressured emerging market currencies across Asia and boosted the yen. 
The greenback eased against the yen to 105.40 to stay near a seven-month low of 105.25 hit on Friday. The dollar was hardly alone, with the euro down at 118.16 yen and near its lowest since April 2017. 
Likewise, sterling had sunk to depths not visited since 2016 at 126.69 yen having shed over eight yen in little more than two weeks. 
The pound struck a two-year trough on the dollar on Friday after data showed the UK economy unexpectedly contracted in the second quarter, only adding to the bearishness over Brexit and the chance of a no-deal exit. 
Sterling was last at US$1.2020 and eyeing support at US$1.1979, which marks a low from January 2017. 
The euro was a shade firmer on the dollar at US$1.1207, bound between resistance at US$1.1249 and support at US$1.1175. 

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