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In Asia the U.S dollar was smooth on Monday in Asia as traders remain cautious ahead of fed minutes due later this week.All focus will be on the Federal Reserve this week as traders anticipate fresh insight on how the central bank may counter the growing fears of a recession after the U.S Treasury yield upturned last week. The Fed will circulate the minutes of its July meeting on Wednesday, beside the Fed chairman in a meeting after the U.S Treasury overturned last week.
The Fed will entertain the proceedings of its July meeting on Wednesday, while Fed Chairman Jerome Powell will deliver a speech on Friday. In the Meantime, the USD/CNY brace slipped 0.1% to 7.0446. The People’s bank of China Set the Yuan reference rate at 7.0365 today conflicting to 7.0312 on Friday. The Developments on the Sino-U.S trade frontage were in focus U.S President Donald Trump insist their trade war with China did no destruction to the U.S and that the economy is doing enormously well.
Our consumers are rich, I gave a remarkable tax cut, and they are loaded up with money, Trump stated on Sunday. The President also reiterate that he is not ready to make a trade deal with China, hint that he wants to see Beijing Deal with the Ongoing protest in Hong Kong first. I would like to see Hong Kong workout in a very compassionate function, Trump stated i Think it would be very good for the Trade deal. The Tech giant Huawei was also under the limelight today as US President Donald Trump stated he does not want to do business with the Company at all because it is a national security intimidation.
The Wall Street Journal and Reuters previously reported that the U.S was preparing to expand a license that would allow Huawei to procure parts from U.S companies for 90days. The Current concurrence will end today. We will state what happens. I am making a pronouncement tomorrow, the Trump Stated. The JPY/USD pair was untouched at 106.36. The Safe haven yen was under demands earlier today on Predictions that policymakers would let loose new motivation among slowing global economies.