TOKYO - Fears of a further escalation in the Sino-U.S. trade dispute kept the dollar steady on Wednesday, holding gains made overnight after investors scooped up safe-haven assets, including U.S. Treasuries.
Losses in the euro in the previous session also helped support the dollar, as analysts warned of more risks for the single currency on uncertainty surrounding the euro zone economy and the bloc’s political future. “We’re probably going to see some catch-up in the foreign exchange market over the next few sessions,” Twidale said, adding that he expected safe-haven currencies such as the Japanese yen and the Swiss franc to be in demand.
The U.S. Treasury Department said in a report on Tuesday it reviewed the policies of an expanded set of 21 major U.S. trading partners and found that nine required close attention due to currency practices: China, Germany, Ireland, Italy, Japan, South Korea, Malaysia, Singapore, and Vietnam. European Union leaders are set to begin the process of filling a number of top EU posts, from the head of the European Commission to the European Central Bank.
Italian Deputy Prime Minister Matteo Salvini, whose far-right League triumphed in European elections on Sunday, said the European Commission could fine Italy 3 billion euros for breaking EU debt and deficit rules, a comment that weighed on the single currency.
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