FOREX-Dollar dips to 2-week lows on Xi comments; euro jumps [Reuters]
The Bank of New York Mellon Corporation (BK)
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Source: Reuters
Dollar dips to 2-week lows on Xi comments; euro jumps | Reuters 3 Min Read LONDON (Reuters) - The dollar dipped to a two-week low against a basket of currencies on Tuesday after Chinese President Xi Jinping’s promise to cut import tariffs eased concerns about a trade conflict. Relatively high yielding currencies such as the Australian dollar and the Canadian dollar were the chief beneficiaries in London trading of a revival in risk appetite against the dollar while the yen and the Swiss franc weakened. “President Xi’s comments and seasonality effects with April being traditionally a strong month for risk appetite is helping currency markets recover some ground,” said Simon Derrick, chief currency strategist at BNY Mellon in London. Xi pledged to open the economy further and lower import tariffs on products including cars. In his first public reaction to the tariff stand-off, Xi refrained from increasing tension with Washington and appeared to give clear backing for open economies rath
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