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U.S. dollar rises aimd eased trade tensions

2018-05-15 08:37

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U.S. dollar ended higher against most of the other major currencies in late trading on Monday as the trade tensions between China and the United States showed signs of relaxation.

U.S. President Donald Trump said on Sunday that Washington and Beijing are working to get Chinese telecom equipment maker ZTE, which is suffering from a U.S. exports ban, back into business.

The two sides "are working together to give massive Chinese phone company, ZTE, a way to get back into business, fast," said Trump in a tweet.

The president added that he has instructed the U.S. Commerce Department "to get it done."

China appreciates the U.S. position on Chinese telecom equipment maker ZTE, Foreign Ministry spokesperson Lu Kang said Monday.

Analysts pointed out that with limited major economic data released Monday; politics is in focus for traders' concern.

The dollar index, which measures the greenback against six major peers, was up 0.05 percent at 92.581 in late trading.

In late New York trading, the euro fell to 1.1943 dollars from 1.1945 dollars in the previous session, and the British pound increased to 1.3568 dollars from 1.3548 U.S. dollars in the previous session. The Australian dollar was down to 0.7529 dollar from 0.7546 dollar.

The U.S. dollar bought 109.64 Japanese yen, higher than 109.29 Japanese yen of the previous session. The U.S. dollar decreased to 1.0000 Swiss franc from 1.0007 Swiss franc, and it rose to 1.2796 Canadian dollars from 1.2787 Canadian dollars.

Meanwhile, U.S. stocks ended higher on Monday as trade tensions between China and the United States showed signs of relaxation.

The Dow Jones Industrial Average added 68.24 points, or 0.27 percent, to 24,899.41. The S&P 500 climbed 2.41 points, or 0.09 percent, to 2,730.13. The Nasdaq Composite Index was up 8.43 points, or 0.11 percent, to 7,411.32.

Last week, all three major indices posted solid gains, with the Dow, the S&P 500 and the Nasdaq rallying 2.3 percent, 2.4 percent and 2.7 percent, respectively.
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