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​The US dollar rose against its major counterparts in the European session on Thursday

2018-08-09 01:36 pm | Resource: NEWS | No Views : 81

The US dollar rose against its major counterparts in the European session on Thursday, as fears of a trade war escalated after China announced an additional tariff on US goods, sparking the appeal of safe assets.

China said on Wednesday it would impose a 25 percent tariff on 16 billion US dollars of US goods in retaliation against the latest imports from the Trump administration on Chinese goods.

Emotions fell after the United States said it would impose new sanctions on Russia over the poisoning of former Russian spy Sergei Scrippal. The sanctions are expected to take effect on or about August 22.

In the meantime, Richmond Fed Chairman Thomas J. Parkin suggested raising US interest rates to normal levels in the light of strong economic factors.

"It's hard to say that lower than normal rates are appropriate when unemployment is low and inflation is effectively in the Fed's target," he said on Wednesday.

US weekly jobless claims, wholesale and product prices are due later in the day, while Chicago Fed Chairman Charles Evans will participate in a Chicago mass media interview.

The mixed currency was traded against the major currencies in the European session. While falling against the yen and the franc, rose against the pound. Against the euro, keep it steady.

The dollar advanced to 111.19 against the yen, from a two-week low of 110.71 at 10:45 pm Eastern Time. The Dollar is about to find resistance around 113.00.

The dollar rose to 0.9951 against the franc, after falling to a 6-day low of 0.9921 at 5:00 pm Eastern Time. Continued bullishness for the dollar is likely to see it as a tough resistance around the 1.01 area.

The dollar reversed from an early low of 1.1619 against the euro, and rose to 1.1576. We see the next potential resistance to the dollar around the 1.13 level.

In the context of the early rally, the dollar rose to 0.6641 against the New Zealand dollar, its highest level since March 2016. The USD finds resistance at the 0.65 area.

Other analysis

USD/JPY Technical analysis 10 December 2018

Time frame Used - four hours The USDJPY is moving in a bearish direction in the near term. The USDJPY reached to the support level of112.29 to bounce back to the 112.92 level  as the USDJPY faced resistance and selling pressure around this level, forming a lower high to retreat to the 112.64 level, trying to stability above this level , As the USDJPY moves into a bearish channel and…

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