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Euro hits 3-week trough; dollar advances on Sino-US trade hopes

Euro hits 3-week trough; dollar advances on Sino-US trade hopes

Mubasher: The euro on Friday hit a three-week low against the dollar, as the greenback was boosted on news that the US and China agreed to roll back some tariffs, according to Reuters.

The single currency dropped to $1.1028, the lowest since 15 October.

By 12:42 am GMT, the EUR/USD pair fell by 0.19% to $1.1029.

The world’s two biggest economies agreed to scrap existing tariffs in tranches, within the framework of a “Phase One,” trade deal if it is finalised, the Chinese Commerce Ministry said on Thursday.

The sentiment could probably remain supportive for the US currency, equities and other risky assets, as a thaw in the US-Sino trade conflict removes much of the risk to the global economic outlook, Reuters said.

However, some doubts were raised about a trade deal on reports that the notion of giving up tariffs was met by fierce internal opposition at the White House.