SYDNEY - The United States dollar was on the defensive on Monday in light year-end trading after suffering a setback the previous session, as hopes of a US-China trade deal lifted investors' risk appetite, sapping safe-haven demand for the greenback.
Against the Japanese yen the US dollar was treading water at 109.41, on track to end the year where it started in January. Last week, Chinese authorities said Beijing was in close contact with Washington about an initial trade agreement. Prior to those comments, US President Donald Trump had talked up a signing ceremony for the recently struck Phase One trade deal.
"I expect less of both in 2020, for two reasons," he said, noting the expected end of the Sino-US trade war which should lead to broader economic recovery across the world."As accelerates, countries are less likely to cut rates and maybe, possibly, conceivably some countries could start thinking about hiking rates, which would encourage monetary policy divergence.
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