Trump to drop labeling China a currency manipulator, report says

US President Donald Trump announced on New Year's eve that he would sign the

US President Donald Trump announced on New Year's eve that he would sign the"phase one deal on Jan 15 in the White House

On Wednesday, U.S. President Donald Trump and Chinese officials are expected to sign the long-awaited phase one trade deal between the two economic powerhouses.

The news emerges two days before Beijing and Washington are due to sign a partial trade deal, marking an end to almost two years of trade conflict.

Markets look forward to the signing of the US-China trade deal, that will de-escalate their two-year long tariff war. Yahoo Finance anchor and reporter Akiko Fujita joined CBSN with the latest.

Volumes were also light owing to a holiday in Japan.

The dollar began the week supported by optimism on the Sino-U.S. trade front, while the pound wobbled lower after weekend hints at an interest rate cut from a Bank of England policymaker.

Mr. Trump had promised as a presidential candidate to slap the label on China, though the Treasury secretary, Steven Mnuchin, did not do so in the first five reports that his department issued. The first round of what the Trump administration renamed the Comprehensive Economic Dialogue was held in July, 2017.

"A calmer geopolitical backdrop and the signing of the U.S".

"However, the 86-page Phase 1 agreement has not yet been made public".

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"If there is any surprise from the Phase 1 deal. that may actually cause some kind of volatility", said Tommy Xie, economist and head of greater China research at OCBC in Singapore.

The US listed China as a currency manipulator in August when it pledged to impose tariffs on American goods.

Wall Street had slipped and bonds rallied on Friday when data showed USA nonfarm payrolls missed forecasts with a rise of 145,000, while wages and hours worked were soft.

The British currency fell 0.8 per cent to as low as US$1.2962 and against the euro to 85.75 pence.

The dollar rallied 0.4 per cent to 109.93 yen.

Moving on, equity indices from China, Hong Kong and India are near 0.50% in positive territory by the time of writing whereas S&P 500 Futures mark 0.30% gains to 3,275.

Brent crude futures were up 5 cents at $65.03 a barrel, while United States crude added 11 cents to $59.15 a barrel.

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