Dollar rises with support from trade war and Australian concerns waning
2018-09-12 08:11 am | Resource: News | No Views : 76
The US dollar rose against a basket of currencies on Wednesday as concerns over global trade tensions fueled demand for a safe haven for the dollar.
The dollar index, which measures the strength of the greenback versus a basket of six major currencies, was up 0.1% at 95.15 (0830 GMT).
Investors have been focusing on the US-China trade dispute amid fears that the escalation could be imminent.
China will ask the World Trade Organization next week for permission to impose sanctions on the United States for failing to comply with a US dispute over dumping charges. This comes after President Donald Trump announced on Friday that there are more trade tariffs against Beijing with a total value of 267 billion dollars.
The Australian dollar fell near its lowest level as the Australian consumer confidence index dropped in September
Australian consumer confidence fell in September, reflecting political instability and rising mortgage interest rates, data from Westpac showed Wednesday. The Westpac Melbourne Institute index fell from 3 percent to 100.5 percent in September. This has been weaker since November last year.
Although the index remained in the positive territory, the reading was above 100. The data indicates that confidence has been affected by increases in mortgage interest rates, political instability and domestic budget pressures. All sub-indices fell in September with the "economic outlook, the next 5 years" show the largest movement, down 5.8 percent.
Dollar Trading vs. Currencies
- The Australian dollar fell 0.1% to 0.7110, not far from a 2-1 / 2 year low of 0.7094 on Tuesday.
- Sterling fell 0.2% at 1.3010
- The euro was also down against the US currency, with EUR / USD shedding 0.15% to hit 1.1587.
- The greenback advanced to 0.9745 against the franc
- The US dollar rose to 111.50 against the yen
Time frame Used - four hours The USDJPY is moving in a bullish direction in the near term The USDJPY faced resistance and selling pressures around level of 114.08 to retreat below the lower boundary of the rising wedge pattern around the 113.68 level In view of the technical indicators Both the RSI and Stochastic are indicating to weakness of the indicators Accordingly, we expect that the USD/JPY will target…
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