The dollar held gains against the yen and the Swiss franc on Friday as investors bought higher-risk assets on news that China and the United States agreed to abolish tariffs as part of a preliminary deal yet to be finalized to end their trade war.
Officials from Beijing and Washington said on Thursday that China and the United States had agreed to eliminate tariffs on each other's goods under the one-phase trade pact if it was completed.
Sentiment is likely to remain supportive of the dollar, stocks and other high-risk assets as lowering the escalation in the US-China trade war removes a major risk to the global economic outlook.
The dollar held steady at 109.26 yen on Friday, near a five-month high and heading for a 1% rise in the week.
The greenback climbed to 0.9949 Swiss francs and is on track for a 0.9% gain.
The dollar index, which tracks the performance of the greenback against a basket of six rival currencies, was steady at 98.136, gaining 1 percent this week.
The Chinese yuan has also been supported by progress in ending the 16-month trade war. On the domestic market, the yuan traded at 6.9788 to the dollar, and the Chinese currency is heading towards a fifth straight week of gains, marking the longest gain since February.
But there are still some uncertainties surrounding the trade pact as officials inside and outside the White House refuse to give up punitive tariffs.
The pound traded at 1.2812 near its lowest level since October 24. The British currency is headed for a 1 percent drop this week.
The dollar held gains against the yen and the Swiss franc on Friday as investors bought higher-risk assets on news that China and the United States agreed to abolish tariffs as part of a preliminary deal yet to be finalized to end their trade war.
Officials from Beijing and Washington said on Thursday that China and the United States had agreed to eliminate tariffs on each other's goods under the one-phase trade pact if it was completed.
Sentiment is likely to remain supportive of the dollar, stocks and other high-risk assets as lowering the escalation in the US-China trade war removes a major risk to the global economic outlook.
The dollar held steady at 109.26 yen on Friday, near a five-month high and heading for a 1% rise in the week.
The greenback climbed to 0.9949 Swiss francs and is on track for a 0.9% gain.
The dollar index, which tracks the performance of the greenback against a basket of six rival currencies, was steady at 98.136, gaining 1 percent this week.
The Chinese yuan has also been supported by progress in ending the 16-month trade war. On the domestic market, the yuan traded at 6.9788 to the dollar, and the Chinese currency is heading towards a fifth straight week of gains, marking the longest gain since February.
But there are still some uncertainties surrounding the trade pact as officials inside and outside the White House refuse to give up punitive tariffs.
The pound traded at 1.2812 near its lowest level since October 24. The British currency is headed for a 1 percent drop this week.
