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XE Market Analysis: Asia - Aug 27, 2018
The Dollar index sold off to three-week lows of 94.69 in N.Y. trade on Monday, with the sell-off coming on the announcement of a new trade deal between the U.S. and Mexico. The USD was pressured by the reversal of safe-haven flows which were seen during the ramping up of trade tensions between the U.S. and China. EUR-USD rallied to 1.1693, levels last seen on August 1, while USD-JPY traded to 110.95 lows before recovering. USD-CAD fell sharply on the trade news, with Canada now poised to step back to the negotiating table. That pairing bottomed at 1.2955. Cable followed EUR-USD higher, topping at 1.2901.
