Yen rises, yuan falls as U.S.-China trade deal this year looks unlikely

TOKYO - The yen rose against the dollar on Thursday after sources close to the White House told Reuters that a U.S.-China trade deal is unlikely this year, which spurred demand for safe-haven assets.

Some traders are also wary of risk after U.S. lawmakers sent two bills intended to support protesters in Hong Kong to the White House for U.S. President Donald Trump to sign or veto. “This is the perfect opportunity to book some profits and unwind some risk-on trades, which is supportive for the yen and government bonds.”The dollar weakened slightly to $1.1077 versus the euro but held steady at $1.2923 against the British pound.

Just over five weeks later, a deal is still elusive, and negotiations may be getting more complicated, trade experts and people briefed on the talks told Reuters. The next date to watch is Dec. 15, when U.S. tariffs on some $156 billion in Chinese goods are scheduled to take effect.

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