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Dollar rises against currencies and China announces retaliatory tariffs

2019-08-23 12:42 pm | Resource: News | No Views : 30

 Dollar rises against currencies and China announces retaliatory tariffs

The US dollar rallied against major currencies in early European trade on Friday, as investors await Federal Reserve Chairman Jerome Powell's speech at the Jackson Hole seminar amid intense pressure from President Donald Trump to offer sharp interest rate cuts to help support the economy.

Further evidence of interest rate outlook awaits. The minutes of the July FOMC meeting on Wednesday showed that most officials noticed the rate cut in July as a mid-cycle adjustment rather than the start of a easing cycle.

 China announces retaliatory tariffs on $ 75 billion of US goods

 China on Friday unveiled revenge tariffs on US goods worth $ 75 billion, ranging from 5% to 10%, the State Customs Tariff Committee said.

Among the products listed under the new system is US crude oil, which will be subject to a 10% tariff starting September 1. Meanwhile, tariffs will continue by 25% on American-made cars as of December 15, with a 5% fee on auto parts. These retaliatory measures come after President Donald Trump threatened to impose a 10% duty on Chinese imports worth $ 300 billion. Earlier, it was reported that a trade deal between Beijing and Washington was "very difficult to tolerate," according to multiple sources in the White House, mainly related to national security issues.

 
Dollar trades against currencies
  • The dollar rose to a 3-week high of 0.9873 against the franc, from a low of 0.9833.
  •  The dollar fell slightly to 1.3310 against the Canadian dollar, from a 3-day high of 1.3327
  • The dollar rose to a 3-day high of 106.67 against the yen.
  • The dollar rose to a fresh 3-week high of 1.1056 against the euro.
  • The dollar rose to 1.2227 against the pound.
  • The dollar stabilized against the Australian dollar, after falling from an 8-day high of 0.6745.
  • The US dollar rebounded to 0.6378 against the New Zealand dollar.


Other analysis

Best Opportunities, Vision and Technical Analysis for the USD/JPY pair 17 April 2019

We offer you the analysis of the US dollar against the Japanese Yen on Wednesday, April 17, 2019 with the most important expectations for the dollar against the Japanese yen on the market. Time frame Used - four hours The USD/JPY is moving in a bullish direction in the near term. USD/JPY is still facing resistance and selling pressure around 112.10 as the USD-JPY closed yesterday's session down below 112.00…

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