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Greenback tacks on, as trade fresh worries weigh

2018-07-11 22:00    FBS

Greenback tacks on, as trade fresh worries weigh Currency News

On Wednesday, the evergreen buck soared versus a currency basket, although revenues were capped after the American government told it would place duties on an extra $200 billion worth of China’s products, thus driving a trade conflict between China and America.

Estimating the greenback’s purchasing power versus a basket of key currencies, the USD index gained 0.11% being worth 93.94.

American trade representative Robert Lighthizer told that American had to start acting due to the fact China had neglected previous warnings to stop unfair trade practices.

News of the extra duties powered worries of a trade war once again just days after America imposed 25% duties on $34 billion of China’s products, and the Chinese government responded with matching duties on the same amount of American goods.

The tit-for-tat duties have powered concerns that the world’s two leading economies could jump with both feet into a full-fledged trade conflict, which market participants are afraid could affect global surge.

Uncertainty as for the future of the North American Free Trade Agreement as well as worries over duties that the current US presidential administration has imposed on EU trading partners have also frightened traders.

The evergreen buck was nearly intact versus the Japanese yen. The currency pair USD/JPY showed 111.06, staying below the seven-week maximum of 111.35 reached on Tuesday.

Investors have always used the Japanese currency as a reliable safe haven asset in times of geopolitical tensions as well as market turmoil.

The common currency turned out to be a bit lower. As a matter of fact, the currency pair EUR/USD dived about 0.1% coming up with an outcome of 1.1733. As for the British pound, this asset was a bit lower too. The currency pair GBP/USD hit 1.3270.

As for the trade sensitive Australian currency, it dipped. The currency pair AUD/USD slumped 0.55% being worth 0.7419.

 

 

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