TOKYO - The dollar hovered near a four-week high on Wednesday, supported by higher U.S. yields after the United States eased trade restrictions on Chinese telecommunications equipment maker Huawei Technologies.
“The trade dispute won’t be resolved easily, so the risk-off mood won’t come off all of a sudden. I think market sentiment will rather improve one small step at a time,” said Ayako Sera, market strategist at Sumitomo Mitsui Trust Bank. Chipmakers, many of which sell to Huawei, bore the brunt of the sell-off. But late on Monday, the United States granted Huawei a license to buy U.S. goods until Aug. 19.
Sumitomo Mitsui’s Sera said the yen’s weakness overnight was thanks to the higher U.S. Treasury yields, which ticked up in response to the recovery in U.S. equities.
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