Trade war issue keeps pressing on main currencies

Posted 05 July, 2018

The currencies are mostly up in the air in the second half of the week, taking into account Washington's import tariffs on Chinese products that are to come into force. At the same time, the yuan is generally stable once the PBOC attempted to prevent weakening of the national currency this week.

The euro-to-US dollar exchange rate increased to some $1.1684 this morning despite concerns about possible economic growth slowdown and political uncertainties in Europe.

The US Dollar index dipped to some 94.15.

The greenback got stronger against the yen reaching 110.63. However, it is still below the 6-week pear recorded this Tuesday at 111.14.

The Chinese currency was priced at $6.6350, while earlier the 11-month bottom was reached at $6.7344 early this week.

The sterling rose against the US dollar to some $1.3442.

Meanwhile, the exchange players remained jumpy, since the markets were getting ready for the start of the full-scale trade war between the USA and China. Specifically, the White House stated that import duties on Chinese products worth $34 billion would be launched on July 6, while the Chinese party expressed readiness to take countermeasures immediately.

At the same time, China's Finance Ministry reported yesterday that Beijing would not make the first step in the trade war.

 

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05 July, 2018 12:06

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