US dollar gets stronger at the end of the week

Posted 01 June, 2018

The US dollar is strengthening against the euro and yen on anticipated US labour market reports.

The US Dollar index hiked to some 94.93 on Thursday but then slowed down reaching some 94.07 on Friday.

According to the news reports, the White House stated yesterday that the import duties on steel and aluminium from the EU, Canada and Mexico will be launched soon after the US administration refused to extend the deferral period.

For reference, this is another move of Washington towards the imposition of the trade tariffs against other countries, taking into account duties on Chinese imports worth $50 billion. At the same time, Canada, Mexico, the EU and China claimed that they would consider countermeasures against such Trump's policy.

The US dollar-to-yen exchange rate rose to 109.15. The Japanese currency showed no response to the recent economic data in Japan that turned out to be better than expected. Capital business spendings in the country increased to 3.4% in January-March (forecast – 3.2%). In addition, manufacturing PMI in Japan was 52.8 in May, with the forecast set at 52.5 (the rate above 50 indicate the positive development of the industry). 

In China, the reference rate was set at 6.4078 (6.4144 earlier). The US dollar-to-yuan rate changed hands at 6.4120.

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01 June, 2018 11:40

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