Dollar rises on US-China trade deal hopes

The US dollar rallied against most of major currencies on Thursday, after news emerged that the US and China are close to secure a trade deal.

Bloomberg reported the US and China have agreed to gradually eliminate the tariffs imposed on each other's goods.

The Chinese Ministry of Commerce stated that signing the first phase trade deal with the US will likely take place within the next few weeks. 

The White House stated that the two countries are engaged in intensive calls to choose which country will host the meeting, and will most likely be Switzerland or Sweden.

The US labor market continued to show improvement with the unemployment claims data released today showed that claims fell during the last week.

The dollar index rose against a basket of currencies by 0.2% to 98.1 points as of 18:30 GMT, with an intraday high of 98.2 and a low of 97.8.