The US dollar weakened on Tuesday, driven by news of a successful contact between the United States and China.

While the dollar fell, both the Australian pound and the Chinese yuan rose after contact between senior US and Chinese trade officials, which was described as a "successful connection".

This has boosted investor confidence that trade relations can last even as differences prevail in diplomatic relations between the two countries, according to Reuters.

During the call, which was mainly scheduled for August 15th, US Trade Representative Robert Lighthizer and Treasury Secretary Stephen Mnuchin spoke with Chinese Deputy Prime Minister Liuhe.

Washington said the two sides "expect progress", while the Chinese Ministry of Commerce described the talks as "constructive."

This positive news led to the Australian dollar rising 0.2 percent to settle at $ 0.7171, and the Chinese yuan rising slightly to reach 6.9070.

It also led to the decline of the US currency against the euro 0.2 percent to $ 1.1813, and the same versus the pound to $ 1.3088.

Source: Agencies

By:Nadeemy Haded

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