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The Trump administration has given a Wednesday deadline for countries to submit their best offers on trade, the same day a doubling of duties to 50% on imported steel and aluminium comes into effect.
Trump is also tipped by the White House to have a call this week with Chinese President Xi Jinping after the two sides accused each other of violating the terms of an agreement last month to roll back some tariffs.
In the meantime, macroeconomic indicators have returned as a driver of the U.S. currency this week, even if trade frictions remain centre stage. The dollar slumped 0.8% against major peers on Monday following a contraction in manufacturing, only to rebound by almost the same amount overnight after a surprise increase in U.S. job openings.
Early on Wednesday, the dollar was down 0.09% at 143.82 yen and the euro was up 0.13% at $1.1385.
The dollar index, which measures the currency against those two peers and four other counterparts, was flat at 99.159. Traders will have an eye on the ADP employment report later in the day, in the run-up to crucial U.S. monthly payrolls figures on Friday. “Job openings were much stronger than expected,” Commonwealth Bank of Australia analyst Joseph Capurso said of the overnight JOLTS data, which is closely watched by the Federal Reserve.
“The low estimate for ADP means the USD and U.S. bond yields have a small hurdle to climb for a positive surprise tonight.”
Elsewhere, the Australian dollar was little changed at $0.6460 ahead of the release of GDP figures.
South Korea’s won strengthened about 0.2% to 1,375.25 per dollar after the victory of liberal candidate Lee Jae-myung in the country’s presidential election.
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https://economictimes.indiatimes.com/markets/forex/dollar-edges-down-as-trade-tensions-simmer-ahead-of-jobs-data/articleshow/121609938.cms
