(CNBC) The dollar slipped against a basket of currencies on Friday as the announcement of an initial China-U.S. trade deal and an election victory for Britain’s Brexit-backing Conservative Party appeared to clear the fog on the global investment horizon, sapping safe-haven demand for the greenback.
“The market was flooded with many headlines this morning and some were contradictory, but overall we believed this weekend’s tariffs would probably be delayed or canceled, so the end result is not too surprising,” said John Doyle, vice president for dealing and trading at Monex Inc in Washington.
Lack of details on Beijing’s purchase of U.S. agricultural left investors hesitant to jump wholeheartedly into riskier currencies, Doyle said.
“That is a huge detail that is missing,” he said.
“Some have been burned in the past for believing there was true progress, only to be disappointed,” Monex’ Doyle said.
