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The dollar was flat on Wednesday, and foreign exchange traders avoided big bets as they waited for the exact news of the resumption of Sino-US trade talks on Thursday.
U.S. President Trump threatened on Sunday to raise tariffs on Chinese imports to the United States on Friday if an agreement was not reached. Apart from Monday's nervous performance in the foreign exchange market, as the time approached, the reaction was cold.
"We are waiting for news from the Sino-US trade negotiations," said John Doyle, Tempus, vice president of Inc trading.
"There will be a lot of wait-and-see and short-term subconscious reactions to different news," he said. "It's hard for the dollar to find any convincing drivers in the near future."
U.S. President Trump said Wednesday that he was willing to retain tariffs on Chinese imports to the United States. A spokesman for the Ministry of Commerce of China pointed out that if the US tariff measures were implemented, China would have to take necessary counter-measures. Earlier, Reuters reported that Washington received a diplomatic telegram late Friday from Beijing, which included many changes to nearly 150 pages of the draft trade agreement, which would put an end to months of negotiations between China and the United States.
But Liu He, China's chief negotiator and Vice Premier of the State Council, will travel to Washington on Thursday for talks. Some investors interpret Trump's tariff threat as a negotiating strategy.
The dollar fell 0.01% to 97.621 against a basket of currencies. EUR = also fell 0.01% to $1.119.
Other hedge currencies have benefited slightly more than the dollar from rising trade tensions. The yen rose 0.1% to 110.13 yen against the dollar, while the Swiss Franc rose 0.04% to $1.020 against the dollar.
Earlier data showed that China's trade surplus with the United States expanded to $21.01 billion in April from last month, which may prompt U.S. officials to take a tougher stand.
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