The dollar fell in early European trading despite trade tensions
2018-09-20 08:22 am | Resource: News | No Views : 77
The dollar fell against major currencies on Thursday, trading around an eight-week low as investors put their trade concerns aside for the time being.
Global markets seem to ignore the fears of an escalating trade war
European stock index futures opened mixed Thursday as investors continued to focus on the escalating trade war between China and the United States. After China responded by setting a tariff of $ 60 billion in US goods. However, China will set a 10% tariff on some of the goods previously allocated for a 20% tax.
Earlier this week, Washington announced a new set of tariffs on Chinese imports worth 200 billion dollars and Beijing responded with countermeasures aimed at US products worth 60 billion dollars. At the same time, the founder of Alibaba, Jack Ma, pointed out that his previous promise to create one million jobs in the United States was no longer realistic due to trade tensions between the two countries.
Traders also followed the outcome of the inter-Korean summit, where South Korean President Mon Jae-un and North Korean leader Kim Jong-un pledged to work towards nuclear disarmament in the region and launch a number of projects to boost cooperation and reduce tensions.
Dollar Trading vs. Currencies
- The dollar index, which measures the strength of the dollar against a basket of six major currencies, fell 0.15% to hit 93.97 at 0845 GMT
- The Australian dollar traded near a three-week high of 0.7265 against the dollar.
- The British Pound was up 0.25% at 1.3175, near the two-month high of 1.3215 yesterday's closing levels
- The euro traded at 1.1700, up 0.2 percent
- The New Zealand dollar jumped to a three-week high of 0.6661 after data showed GDP grew at the fastest pace in two years in the second quarter.
Time frame Used - four hours The USDJPY is moving in a bullish direction in the near term. The USDJPY faced resistance and selling pressure nearly of the resistance level of 113.58 to retract to the support level 113.20. In view of the technical indicators Both the RSI and the Stochastic are indicating signs of recovery. Therefore, we expect that the USDJPY will test levels of 113.58 - 114.08 again…
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