US dollar drops on trade optimism

New York: The US dollar pulled back on Friday, as investors expected a positive result of the latest round of US-China trade talks.

In late New York trading, the euro increased to $1.1041 from $1.1005 in the previous session, and the British pound increased to $1.2659 from $1.2444 in the previous session, Xinhua reported.

The Australian dollar increased to $0.6799 from $0.6761.

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The US dollar bought 108.50 Japanese yen, higher than 107.91 Japanese yen of the previous session. The US dollar was up to 0.9974 Swiss franc from 0.9967 Swiss franc, and it was down to 1.3187 Canadian dollars from 1.3297 Canadian dollars.

China and the US held a new round of high-level consultations in Washington to address their differences on outstanding economic and trade issues on October 10-11.

The dollar index, which measures the greenback against six major peers, was down 0.40 per cent at 98.3133 in late trading.

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