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7/19/2018, 5:13 PM (Source: TeleTrader)
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Dollar rises to one-year high versus Chinese yuan

The currency of the United States surged on Thursday, knocking precious metals to new lows, as Federal Reserve Chair Jerome Powell stuck with the scenario of a gradual increase in interest rates and the domestic economy has been showing upbeat data. The dollar gained across the board, particularly against emerging market peers, also on risk aversion amid stronger blows in escalating trade tensions. Stocks in New York slipped and the US yield curve got flatter.

Larry Kudlow, top economic aide to US President Donald Trump, has claimed there are indications Chinese negotiators are willing to make an agreement that would end the bilateral trade war. The head of the National Economic Council has expressed expectations the government in Beijing would lower import tariffs but asserted he believes President Xi Jinping is still determined to hold his position.

The greenback jumped 0.71% to 6.79512 offshore yuan at 5:11 pm CET, after reaching 6.80815, unseen since July 11 of last year. The official rate was 0.73% up at 6.771, compared to the session high of 6.7844, the strongest level since July 26, 2017.

Breaking the News / IT