January 15, 2020 / 2:50 PM / 7 days ago

FOREX-Dollar weaker before U.S.-China trade deal signing

    * Dollar weaker before U.S., China trade deal signing
    * UK inflation weaker than expected

 (New throughout, updates prices, market activity and comments
to U.S. market open, new byline, changes dateline, previous
LONDON)
    By Karen Brettell
    NEW YORK, Jan 15 (Reuters) - The dollar dipped against the
euro and the yen on Wednesday before the United States and China
were due to sign a deal to de-escalate their trade war.
    U.S. President Donald Trump and Chinese Vice Premier Liu He
will sign an initial trade deal that aims to vastly increase
Chinese purchases of U.S. manufactured products, agricultural
goods, energy and services.
    However, the United States will maintain tariffs on Chinese
goods until the completion of a second phase of a trade
agreement, U.S. Treasury Secretary Steven Mnuchin said on
Tuesday.
    “In terms of the market impact I think its largely priced
in…markets are starting to look at what stage two would look
like,” said Vassili Serebriakov, an fx strategist at UBS in New
York.
    The euro gained 0.26% against the greenback to
$1.1156. The dollar dropped 0.14% against the yen to
109.82, after the Japanese currency on Tuesday hit its weakest
level since May at 110.20.
    Sterling was little changed, retracing losses after
weakening when data showed UK inflation rose at its slowest in
three years, feeding expectations the Bank of England would cut
rates in January.
    “Directionally the market expected some weakness, but
probably the magnitude surprised,” Serebriakov said.
    The Swiss franc gained to its strongest against the
dollar in over a year, and its highest against the euro
 in almost three years, after the United States on
Monday added Switzerland to its watchlist of currency
manipulators.
    Analysts said the inclusion could discourage the Swiss
National Bank (SNB) from intervening to try to limit further
appreciation of the franc, although the Swiss finance ministry
said it would have no immediate consequences.
    The Russian ruble weakened after Prime Minister Dmitry
Medvedev announced his government's resignation.
    
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    Currency bid prices at 9:22AM (1422 GMT)
 Description      RIC         Last           U.S. Close  Pct Change     YTD Pct     High Bid    Low Bid
                                              Previous                   Change                 
                                              Session                                           
 Euro/Dollar      EUR=        $1.1156        $1.1127     +0.26%         -0.49%      +1.1158     +1.1119
 Dollar/Yen       JPY=        109.8200       109.9700    -0.14%         +0.88%      +110.0100   +109.8000
 Euro/Yen         EURJPY=     122.52         122.39      +0.11%         +0.47%      +122.5600   +122.2100
 Dollar/Swiss     CHF=        0.9637         0.9672      -0.36%         -0.42%      +0.9680     +0.9636
 Sterling/Dollar  GBP=        1.3018         1.3017      +0.01%         -1.82%      +1.3042     +1.2988
 Dollar/Canadian  CAD=        1.3060         1.3060      +0.00%         +0.57%      +1.3078     +1.3055
 Australian/Doll  AUD=        0.6892         0.6900      -0.12%         -1.84%      +0.6904     +0.6878
 ar                                                                                             
 Euro/Swiss       EURCHF=     1.0752         1.0765      -0.12%         -0.92%      +1.0776     +1.0743
 Euro/Sterling    EURGBP=     0.8568         0.8549      +0.22%         +1.35%      +0.8578     +0.8538
 NZ               NZD=        0.6602         0.6613      -0.17%         -1.99%      +0.6620     +0.6585
 Dollar/Dollar                                                                                  
 Dollar/Norway    NOK=        8.8599         8.8714      -0.13%         +0.93%      +8.8959     +8.8604
 Euro/Norway      EURNOK=     9.8839         9.8720      +0.12%         +0.47%      +9.9010     +9.8733
 Dollar/Sweden    SEK=        9.4576         9.4632      +0.20%         +1.17%      +9.4860     +9.4584
 Euro/Sweden      EURSEK=     10.5515        10.5308     +0.20%         +0.79%      +10.5648    +10.5310
 
 (Editing by David Gregorio)
  
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