US dollar starts week with upturn, yen still in demand

Posted 18 June, 2018

The US dollar has rebounded vs the majors at the week's start. The recovery of the American currency is connected with the different monetary policies followed by Washington and Europe. At the same time, the yen stands firm, as tensions in the intentional market bolster demand for safe assets.

On Monday, the US Dollar index reached some 94.50, which quite close to the 11-month peak (95.13) hit last week.

Specifically, the index gained 1.30% over the past week, posting the major increase practically over three months. In the midweek the US Federal Reserve commented on the faster monetary tightening. Meanwhile, the next day the European Central Bank followed softer monetary policy.

The euro-to-US dollar exchange rate weakened to 1.1608 for now. Over the past week, the rate lost some 1.30% driven by the Central Bank's message about intentions not to revise the interest rate at least till mid-2019.

The greenback somewhat dropped against the Japanese currency. The rate was recorded at 110.56. 

The tensions reportedly escalated following the announcement of $50 billion worth import duty on Chinese products made by the US President Donald Trump. As a result, Beijing has no other choice but to take countermeasures, which fuels global economic upturn threat.

For reference, the yen enjoys stronger demand during political instability or market volatility.

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18 June, 2018 14:26

← South Korea to launch Crypto Beach project following Swiss Crypto Valley

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South Korea to launch Crypto Beach project following Swiss Crypto Valley

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