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U.S. Dollar Gains Ground Amid Optimism About Trade Deal

With traders expressing renewed optimism about a U.S.-China trade deal, the value of the U.S. dollar has moved higher on Monday.

The U.S. dollar is trading at 108.59 yen compared to the 108.19 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is valued at $1.1138 compared to last Friday's $1.1166.

The strength shown by the greenback comes as Commerce Secretary Wilbur Ross expressed optimism phase one of a U.S.-China trade deal could be signed this month.

"We're in good shape, we're making good progress, and there's no natural reason why it couldn't be," Ross said in an interview with Bloomberg on Sunday.

Ross called the phase one agreement "particularly complicated" and acknowledged it is "always possible" the signing of the deal could "slip a little bit."

In the interview, Ross also said licenses for U.S. firms to sell components to China's Huawei Technologies would be coming "very shortly."

The comments from Ross come after a report from China's Xinhua News Agency last Friday said U.S. and Chinese trade negotiators have "reached consensus on principles."

President Donald Trump has also continued to express optimism about a trade deal, recently suggesting phase one of an agreement could be signed somewhere in the U.S. as soon as this month.

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