Dollar holds gains on progress in U.S.-China trade talks

US dollar rises as trade deal progresses

"The market's attitude towards the euro is just plain negative right now", he said, adding that he expects the risk sentiment to wind down "unless or until the USA administration chimes in with some confirmation" that the tariffs will be rolled back.

The announcement has fanned hopes that the world's economic superpowers - who are now finalising a mini trade pact as part of a wider deal - can resolve their long-running tariffs war that has hobbled the global growth outlook.

Muddying the waters further, White House spokeswoman Stephanie Grisham told Fox News Channel on Thursday that the United States is "very, very optimistic" about reaching a trade deal with China soon.

Uncertainty about the fate of the trade negotiations between the U.S. and China has kept markets on their toes, with European stocks benchmarks mimicking their Asian peers and retreating from the previous session's highs.

The prospect of a recession diminishes if some tariffs are removed, said Peter Cardillo, chief market economist at Spartan Capital Securities in NY. If a first phase trade deal is done, there is agreement to roll back some existing tariffs, but only if the deal is agreed.

EUR/USD: The euro slipped lower against the US dollar on Friday, as greenback benefited from news that China and the USA had agreed to roll back tariffs to end their bitter trade war.

MSCI's gauge of Asia-Pacific shares outside Japan was off 0.4 per cent at 535.20 points after rising to 538.77, a level not seen since early May.

Shanghai gave up 0.5 percent after data showed Chinese exports and imports fell again last month, though not as quickly as expected.

Caution appeared to be the order of the day across world markets.

"The trade deal is the predominant driver", for markets at the moment said Lars Kreckel, global equity strategist at Legal & General Investment Management, noting that a dip in stock markets was a just knee-jerk reaction to the latest news on the U.S.

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European shares broke a five-day winning streak on Friday after U.S. President Donald Trump said he has not agreed to roll back tariffs on China, adding to uncertainties on whether the two sides were really getting close to signing a partial deal.

Worries the pact could fall apart are now prompting some investors to sell heading into the weekend.

"If anything, markets realize that it will take more of a formal process to get things going and make progress".

The dollar index rose 0.23 per cent, with the euro down 0.27 per cent to US$1.1019 (RM4.55).

In currency markets, the dollar edged up against other major currencies.

The pound, meanwhile, fell to two-week lows against the dollar and was last down 0.3% at $1.2820 after two Bank of England officials unexpectedly voted to lower interest rates on Thursday to ward off an economic slowdown. The yuan was set for its sixth straight weekly gain.

As financial specialists wind back their purchasing in safe resources, the 10-year U.S. Treasuries yield rose 11.8 premise focuses to 1.930%, denoting the greatest day by day increment since November 9, 2016, which pursued the unexpected political decision triumph by Donald Trump.

US Treasury yields traded mostly below three-month highs while Germany's 10-year bond yield slid from five-month highs.

Benchmark Brent crude fell 80 cents to US$61.49 a barrel while West Texas Intermediate (WTI) crude rose 9 cents to settle at US$57.24 a barrel.

A Reuters poll found that the dollar's persistent strength would continue well into next year.

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