U.S. Dollar Edges Down; Yen Rises on Safe-Haven Demand By Investing.com


© Reuters.

Investing.com – The U.S. dollar edged down on Tuesday in Asia while the Japanese yen gained as heightening tension in the Middle East drew safe-haven demand.
The that tracks the greenback against a basket of other currencies was down 0.1% to 95.428 by 1:35 AM ET (05:35 GMT).
The index was under pressure by the prospects of monetary easing by the Federal Reserve, which signalled it was prepared to cut interest rates later this year to counter a global economic slowdown that was exacerbated by global trade tensions.
Fed chairman Jerome Powell is due to speak later this week.
The U.S. currency was pressured further against the yen, which often serves as a safe haven in times of political angst, as tensions grew between Iran and the U.S.
On Monday, Washington announced new sanctions against Iran after the latter was accused of shooting down an unmanned drone.
U.S. President Donald Trump ordered, but subsequently called off, a military strike last week in response to the incident, according to reports.
Tensions between the two countries have been fragile since the White House decided to withdraw from the UN-backed 2015 Iran nuclear agreement.
The pair last traded at 106.93, down 0.3%.
On the Sino-U.S. trade front, Chinese leader Xi Jinping and Trump will meet at the G-20 summit in Japan this weekend. The two leaders will resume trade talks but a quick trade deal is not expected.
Both China and the U.S. should make compromises in trade talks, Chinese Vice Commerce Minister Wang Shouwen said on Monday, adding that the U.S. needs to stop “inappropriate actions” against Chinese firms.
The pair traded 0.1% higher to 6.8790.
The pair was unchanged at 0.6959, while the pair jumped 0.4% to 0.6643.

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