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The yen and the Swiss franc, the safe haven currencies, fell against the US dollar on Tuesday on growing signs that China and the US are close to a trade deal, boosting risk appetite and prompting investors to turn to higher yielding currencies.
The dollar rose against the yen and the Swiss franc, pushing the dollar index to a three-week high and following the benchmark U.S. 10-year bond yield. Trade oriented currencies such as the Australian dollar also rose sharply, with the yuan surging to a three-month high against the dollar.
The central bank's decision to cut lending rates by only five basis points also increased overall risk appetite.
Sources familiar with the trade negotiations said China urged President trump to lift more tariffs on Chinese exports as part of the "first phase" trade agreement, which is expected to be signed later this month.
"The growing trade agreement optimism continued to drive U.S. 10-year bond yields higher this week, and we believe that this morning the benchmark yield rose to 1.83%, encouraging fund bulls to push (the dollar against the yen) to 109 yen," said Erik bregar, head of foreign exchange strategy at exchange bank of Canada.
In afternoon trading, the dollar rose 0.6% to 109.21 yen JPY =, and 0.6% to 0.9935 Swiss franc.
The yen and the Swiss Franc tend to strengthen under geopolitical tensions and financial pressure.
The dollar index rose 0.5% to 97.969.
The offshore yuan jumped to 6.9930 yuan against the U.S. dollar, the highest level since August 5. The onshore yuan, CNY = cfxs, also recorded its highest closing level since August 2.


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