US dollar gets support from trade fears easing

Posted 10 April, 2018

The US dollar has gained grounds against the yen driven by softer concerns around US-China conflict since Beijing representative mentioned a downward revision of import tariffs. 
At the Boao Forum for Asia, China's leader Xi Jinping reportedly commented that Beijing would cut import cuties on cars, supporting import activity as well as boost protection of intellectual property from other countries.

He added that the modern community has no room for a cold war and isolation, so the countries might follow peaceful development and cooperation. As a result, insiders calmed down somewhat regarding import duty issue between the USA and China, the news reports read. Investors worried that the tensions between the countries can escalate into a large-scale trade war in the world.

The US Dollar index was at some 89.30.

The US dollar-to-euro increased to some 1.2369. The euro got support from the statement made by Mario Draghi, Chairman of European Central Bank. Specifically, Draghi said that stock market slackening this year has not affected the euro-area financial state.This means that the Bank officials are not concerned about the recent market volatility.

The US dollar to Japanese yen was recorded at 107.06. Earlier, the session's peak was hit at 107.25 overnight.

As it was reported, the Japanese currency is considered as a safe haven and enjoys stronger demand during political and economic instability.

Australian and New Zealand currencies rebounded against the greenback to 0.7737 and 0.7350 respectively.

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