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The safe haven yen and Swiss Franc rose against the US dollar on Tuesday as market risk appetite fell after US President trump said a trade deal with China might have to wait until after the US presidential election in 2020.
After Trump's comments, China's offshore yuan fell to its lowest level against the dollar since October, while the yen hit a two-week high against the dollar and the Swiss Franc climbed to a four week high against the dollar.
Trump's surprise speech had a wide impact on the dollar, with investors selling the dollar. The dollar tends to strengthen as optimism about a trade deal heats up. Market participants have been waiting for a final trade agreement between the two countries, especially since it seems that a preliminary agreement will be reached soon.
Trump said there was no deadline for a trade deal with China, which triggered a sell-off in the stock market.
Trump said on Monday he plans to resume tariffs on steel and aluminum products imported from Argentina and Brazil, as well as possibly on a range of French goods.
Edward Moya, senior market analyst at OANDA, said, "this is an endless trade negotiation cycle, which will become a stumbling block to the much anticipated recovery of global economic growth. "
"While U.S. consumer spending still looks strong, Trump's risk of becoming a wet Christmas geek is increasing. We may not see the Christmas rally, which could translate into strong demand for safe haven assets such as the yen and the Swiss franc. "


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