US dollar gets slacker on trade conflict escalation

Posted 07 May, 2019

On Tuesday, the US dollar has posted weakening driven by the aggravation of the situation with the Washington-Beijing trade conflict. 

The US Dollar index decreased by some 0.14%.

The euro-to-US dollar exchange rate was seen near $1.1210, while the yesterday trading was closed at $1.1199.

The greenback lost grounds vs the Japanese yen as well. The US dollar-to-yen rate stands at 110.67 (110.67 earlier). Meanwhile, the euro against the yen is now near 124.01 (124.05 earlier).

The pound sterling is priced at some $1.3111 against the US dollar. At the same time, the rate was recorded at $1.3097 on Monday.

US trade representative Robert Lighthizer stated that the announced duties of 10-25% on Chinese imports worth $200 billion will be launched this Friday. As he added, the reason behind such move by Washington is the fact that Beijing attempted to revise almost complete trade agreement. China has been shifting away from the obligations under the agreement that was achieved. 

The US Finance Minister Steve Mnuchin also commented that the trade talks were actually completed by 90%, but strong deviations had been detected lately.

For reference, the intentions to ramp up import duties on Chinese products were expressed by US President Donald Trump.

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