The dollar held above a three-week low on Thursday as investors remained cautiou...
TOKYO - The dollar held above a three-week low on Thursday as investors remained cautious amid uncertainty over the progress in U.S.-China trade talks, while sterling rallied on bets that the chance of a no-deal Brexit was shrinking.
The dollar mostly held onto gains booked during the previous session after U.S. Trade Representative Robert Lighthizer told a Congressional hearing it was too early to predict an outcome in U.S.-China trade negotiations. “It’s probably not performing the way that they need it to do,” he said. “We’ve probably seen some interest in emerging markets selectively .”It had edged up nearly 0.2 percent for the first time in four days overnight, after brushing a three-week low of 95.883 earlier in that session.
“The push and pull factors for sterling seem set for the short term in that delays and soft Brexit options will lead to strength, with a hard-deal Brexit leading to significant pull backs,” noted Nick Twidale, chief operating officer at Rakuten Securities Australia in Sydney. Sterling has risen about 1.5 percent against the dollar so far this month, adding to a 2.8-percent gain booked in January.
India and Pakistan both said they shot down each other’s fighter jets on Wednesday, with Pakistan capturing an Indian pilot a day after Indian warplanes struck inside Pakistan for the first time since a 1971 war, prompting world powers to urge restraint.
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