Following poor retail sales on Wednesday, the dollar extended its losses yesterday due to growing expectations of an interest rate cut from the Federal Reserve. However, the greenback is up today against the euro and the dollar.
Data released yesterday also showed that manufacturing production fell 0.5% last month after an upwardly revised 0.6% rise in August.
China emphasised yesterday that the US must lift tariffs in order for the two sides to reach a trade agreement. China’s Ministry of Commerce spokesman, Gao Feng, said that the two sides are still communicating, but didn’t confirm when they would be signing phase one of the deal.
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