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Euro steady as U.S. dollar set for worst week since October

Friday,   06-Dec-2019   04:22 PM (IST)

The euro was steady against the dollar on Friday, though the greenback was headed for its worst week since mid-October, dragged down by nervousness around U.S.-China trade relations and hints of weakness in the U.S. economy. The resurgent kiwi enjoyed a hefty recovery thanks to some renewed risk appetite, as well as due to positive domestic factors. Against a basket of six currencies, the greenback fell to a one-month low of 97.355. The euro was last flat at $1.1106. Sterling was 0.2% weaker at $1.3132 and 84.58 pence against the euro, but parked close to a 2-1/2-year high as traders grow more confident the uncertainty over Brexit could soon be over. Opinion polls suggest the Conservative Party of Prime Minister Boris Johnson is on course for a majority on Dec. 12 to push through the Brexit deal he struck with the EU after the bloc granted a third delay to a divorce that was originally supposed to have taken place at the end of March. U.S. President Donald Trump remained upbeat overnight on trade and said talks are “moving right along” and that “we’ll have to see” about the increase in tariffs that is scheduled to take place on Dec. 15. But markets were unconvinced, with worries stemming from a lack of similar enthusiasm from China, keeping the dollar subdued. Chinese officials reiterated their stance that some U.S. tariffs must be rolled back for a deal to end the 17-month trade war between the two powers, something Washington has given no sign of doing. Still, risk sentiment recovered somewhat, pushing the New Zealand dollar to a four-month high of 0.6568 against the U.S. dollar. U.S. non-farm payrolls data due at 1330 GMT comes after dismal numbers showed weak private payrolls, soft services activity and a shrinking manufacturing sector.