Dollar Dips on Profit-Taking as Tariffs Come Into Force
Friday, 10 May 2019 15:17 WIB | CURRENCIES |DOLLARCurrency Indeks Dolar Yen

The dollar is broadly lower in early trading in Europe on Friday as markets 'sell the fact' of higher U.S. tariffs on China, after 'buying the rumor' all week.

As of Friday, tariffs on $200 billion worth of Chinese imports into the U.S. will be raised to 25% from 10%, and President Donald Trump said he had ordered the preparation of new tariffs on a further $325 billion worth of goods. If they, too, come into force, that will mean nearly all of the U.S.™s imports from China will be subject to a 25% tariff.

At 03:00 AM ET (07:00 GMT), the dollar was lower against both the official yuan and the offshore yuan, although the offshore rate is still nearly 1.5% down from before the weekend, when Trump signalled that the trade talks were falling apart.

The dollar index, which measures the greenback against a basket of six major currencies, was at 97.21, its stability masking a 1% drop against the safe-haven yen this week. The dollar failed to make meaningful gains against the yen on Friday even after the biggest drop in Japanese average earnings in four years in March, which also contributed to household spending falling short of analyst expectations.

Source : Investing.com

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