Australia's dollar and the Chinese yuan gained on Wednesday on hopes for an...
LONDON - Australia’s dollar and the Chinese yuan gained on Wednesday on hopes for an agreement between Beijing and Washington to end their trade conflict.Reports of progress in trade talks between the United States and China, as well as reassuring factory activity data from both countries, has supported markets in recent days and sent Asian stocks to seven-month highs.
The yuan rose 0.2 percent in offshore markets to 6.7115, with analysts citing both improved optimism about momentum in the Chinese economy and the trade negotiations with the United States. The euro rose 0.3 percent as the dollar pulled back from its recent highs, touching $1.1240 as the European session got underway. The single currency had fallen below $1.12 on Tuesday, nearing a 21-month low, as worries over the relative weakness in the euro zone economy sent investors into dollars.
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