Dollar pinned at one-week lows as trade war concerns grow
Wednesday, 14 March 2018 16:39 WIB | CURRENCIES |DOLLARDolar AS

The dollar held near one-week lows on Wednesday as the sudden dismissal of U.S. Secretary of State Rex Tillerson and news that Washington is seeking to impose tariffs of up to $60 billion of Chinese imports reverberated through currency markets.

The prospect of a global trade conflict has weighed on the dollar and any escalation would significantly weaken it further. The greenback has been supported by growing expectations of as much as four rate hikes this year.

The dollar index broadly flat at 89.56, its lowest level since March 8 and within striking distance of a one-month low of 89.40.

Against the yen, the dollar was flat at 106.640 yen, having slipped overnight from a two-week high of 107.300 reached after wariness over a political controversy in Japan waned slightly.

U.S. President Donald Trump is seeking to impose tariffs on up to $60 billion of Chinese imports and will target the technology and telecommunications sectors, two people who discussed the issue with the Trump administration said on Tuesday.

The single currency euro was down 0.2 percent on the day, at $1.2364.

The pound rose about 0.2 percent to a two-week high of $1.3996.

The Australian dollar added 0.1 percent to $0.7870 and in reach of a two-week peak of $0.7898 scaled the previous day on robust business indicators.

Source: Reuters

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