The dollar headed for its highest weekly finish against the safe-haven yen since...
SINGAPORE - The dollar headed for its highest weekly finish against the safe-haven yen since May on Friday, as data showing the U.S. economy on a firm footing prompted investors to scale back rate-cut bets.
“There seems to be pretty good optimism around the trade talks going on between U.S. and China,” said William O’Loughlin, a portfolio manager at Rivkin Securities in Sydney. The British pound has been the week’s other main beneficiary, adding half a percentage point as Prime Minister Boris Johnson’s Conservative Party has firmed in opinion polls ahead of the Dec. 12 election.“The market has come to the view that this is Johnson’s election to lose now,” said Chris Weston, head of research at Melbourne brokerage Pepperstone, with expectations he can win with a large margin.
China has vowed to impose “firm countermeasures” after Trump’s approval of a bill backing Hong Kong’s pro-democracy protesters on Wednesday, but is yet to indicate whether they would have any bearing on trade talks.
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