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August 17, 2020 at 12:33PM

The dollar edged lower and commodity currencies inched higher on Monday as investors were relieved by a delay in a review of the U.S.-China trade pact which left the deal intact.

Uncertainty ahead of a week that includes minutes of the U.S. Federal Reserve’s last policy meeting and the U.S. Democratic Party’s nomination convention kept a lid on sentiment, with limited moves by midday in London.

Against a basket of currencies the dollar traded 0.1% lower at 92.982, roughly in the middle of the range it has held since dropping to a two-year low in late July.

The United States and China postponed a Saturday review of their Phase 1 trade deal, people familiar with the plans told Reuters, citing scheduling conflicts. The euro traded higher by 0.1% against the dollar at $1.1850.

The yield on benchmark 10-year U.S. debt rose almost 15 basis points last week, its sharpest weekly rise in two months, which weighed on the yen by attracting investment from Japan. U.S. 10-year yields slipped to 0.6882% on Monday, while the yen was a tad firmer at 106.51 per dollar.

New Zealand delayed a general election by a month on Monday as it grapples with a new outbreak of the coronavirus in Auckland.

Dollar on defensive as markets eye U.S. politics, Fed minutes, Reuters, Aug 17

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From: The FxPro News Team https://fxpro.news/daily-forex-outlook/dollar-on-defensive-as-markets-eye-u-s-politics-fed-minutes-20200817/
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