The US Dollar continues to be pushed higher and remains close to a 4-week peak after the Trump administration granted Chinese chip maker, Huawei Technologies, licensing approval for US goods through mid-August. The trade tensions between the US and China are continuing to cause investors some concern, and analysts say that today's move will not markedly shift sentiment but is at least a step in the right direction. Until an enduring solution to tariffs is found, market sentiment will be vulnerable to every misstep.
As reported at 11:08 am (JST) in Tokyo, the USD/JPY was trading at 110.5920 Yen, a gain of 0.0570%; the pair is moving off the session peak of 110.612 Yen while the low was set at 110.468 Yen. The AUD/USD was trading lower at $0.6883, down 0.0087% while the NZD/USD was trading at $0.6503, a loss of 0.0523%.
Euro Weighed by Upcoming Election
In the Eurozone, the Euro has given up much of the gains it made this month, falling about 0.9% from the May 1st high. The Euro has been pressured by not only a firmer US Dollar but investor worries over the parliamentary elections in the EU which could see the Euroskeptic parties getting a favorable outcome. The EUR/USD was trading at $1.1165, up 0.0242%; the pair has ranged from $1.11608 to $1.11661.