Trade tensions put pressure on US dollar

Posted 23 March, 2018

The US dollar lost grounds against other main currencies at the Asian session on persisting fears of the global trade wars and appointment of new US national security adviser.

The US dollar to Japanese yen exchange rate dropped below 105.00 line for the first time since end-2016. For now, USD-JPY rate stands at some 104.90. Besides, negative dollar development was seen in the pair with euro – EUR-USD rose to some  $1.2341 this morning.

As commented head of the currency strategy at National Australia Bank, it is clear now, that the yen is traditionally used to reflect market positions towards expanding trade tensions between the USA and China.

For reference, Donald Trump ordered trade representative to secure the launch of import duties on Chinese products for another $60 billion per year. Moreover, "the US President again accused Beijing of the theft of intellectual property of the USA and US companies," Interfax reported.

Notably, Donald Trump announced the countries that will receive an exemption from duties on steel and aluminum till May 1.

Meanwhile, Beijing has taken countermeasures expressing intentions to expand duties on 128 products from the USA, imports of which amounted to $3 billion.

In addition, Donald Trump stated on Thursday that John Bolton will replace HR McMaster as national security adviser. For reference, Jonh Bolton sticks to more aggressive policy, in particular "advocated using military force against Iran and North Korea and has taken a hard line against Russia".

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23 March, 2018 13:38

← Prices for cryptocurrencies decrease on reports from Japan and France

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US dollar shows different trends - stronger vs euro, weaker vs yen →

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