US dollar stays steady on persisting trade fears

Posted 03 September, 2018

The US dollar stays strong vs the majors being near the weekly peak on Monday. Protective assets faced boosted demand on persisting fears of the international trade wars and currency fluctuations.

According to the available data, the US Dollar index moved up to 95.10. Amid the Labour Day in the USA, the trading is slow today.

The US dollar to yen stayed at 111.09. The euro-to-US dollar rate rose to 1.1614.

At the same time, the sterling dropped to 1.2889 against the greenback. The sterling weakening is reportedly related to the statement of EU representative Michel Barnier, who stayed against the proposal of London regarding future trade relations. Lira has continued slackening on a still possible economic crisis in Turkey.

In particular, the US-China trade issue is escalating putting pressure on the market. The White House is reportedly ready to launch a new pack of import duties on the Chinese products.

According to Donald Trump’s statement last week, the USA could impose new tariffs on the Chinese imports worth $200 billion.

As a result, the US-China trade conflict can gather pace further, especially following the previous tariffs for Chinese imports worth $50 billion.

Moreover, the US president Donald Trump warned that the USA could even leave the World Trade Organization, which inevitably shake the international trade in the whole.
On other front Washington face a dead-end in talks with Canada. Specifically, the parties failed to come to terms during the negotiations last Friday.
 

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