US dollar posts new gains

Posted 06 August, 2018

On Monday, August 6, the US dollar moderately progressed against the euro during Asian trading. For now, the players are studying the global trading figures and German economic reports.

The European currency plunged against the greenback to some $1.1556 ($1.1568 on last Friday).

The US dollar has generally stable positions vs the Japanese yen staying at around 111.27. At the same time, the euro to yen exchange rate was recorded at 128.55 (128.70 earlier).

Last week, the US trade representative said that Donald Trump considered expansion of duties on Chinese products worth $200 billion to 25%, while earlier the size of the restrictions had been planned at 10%. For reference, the USA has already launched 25% import tariffs on Chinese products worth $50 billion per year.

Meanwhile, Beijing noted that they would take countermeasures against the US products worth $60 billion. At the same time, top economic advisor of the US President commented last Friday, that these measures would hardly hurt the USA. He also added that China actually suffers from economic and currency slackening. In particular, the yuan in Shanghai stays practically unmoved at the start of the week. The PBOC set the reference rate for the yuan at 6.8613, the low of last May.

The Australian dollar lost 0.3% against the greenback. The market waits for the meeting of the Reserve Bank of Australia which can reduce this interest rate.

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06 August, 2018 13:24

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