Dollar Steady Amid Tariff Talks and Political Shifts
The dollar remained stable as U.S. President Trump's softened rhetoric on China tariffs and a potential meeting with President Xi Jinping suggested a de-escalation in tensions, while political shifts in Japan influenced currency markets. The crypto market faced volatility after a significant sell-off.
The U.S. dollar showcased stability on Tuesday following remarks from President Donald Trump that suggested the possibility of easing trade tensions with China. Hopes rose for de-escalation as discussions of a meeting with Chinese President Xi Jinping came to light.
Currency markets showed reduced volatility in Asian trade after a tumultuous Friday, marked by Trump's sudden announcement of additional tariffs on Chinese exports, which he later tempered. U.S. Treasury Secretary Scott Bessent confirmed Trump's plans to meet with Xi in South Korea, providing respite for the dollar.
While the political landscape in Japan influenced the yen's value, the crypto markets also faced turbulence, with Bitcoin and Ether experiencing declines amid widespread liquidations, highlighting the fragility of risk sentiment in the digital currency space.
(With inputs from agencies.)
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