Major currencies were off to a cautious start on Monday as market players looked...
TOKYO - Major currencies were off to a cautious start on Monday as market players looked to whether Washington and Beijing can soon sign off on a deal to end their trade war that has been a drag on the global economic growth.
The currency faces a resistance around 109.00, where it has its 200-day moving average. A break-through there could open the way for a retest of its five-month high around 109.50 touched earlier this month., bouncing back from one-month low of $1.0989 set on Thursday.“Currencies will be driven by headlines related to the U.S.-China trade issues. Markets are expecting some sort of answer to that soon,” said Yukio Ishizuki, senior strategist at Daiwa Securities.
Data from the U.S. Federal Reserve on Friday showed the U.S. manufacturing downturn deepened in October, with output at factories tumbling 0.6%, the most since May 2018, after dropping 0.5% in September.
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