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Dollar sends yuan, Aussie lower on fears of U.S. tariff threats
Wednesday, 1 August 2018 15:17 WIB | CURRENCIES |DOLLARDolar AS

The dollar strengthened on Wednesday, sending the Chinese yuan towards recent lows and pressuring the Australian dollar on fears of an imminent escalation in the trade dispute between the United States and China.

A source familiar with the matter said the Trump administration plans to propose a 25 percent tariff on $200 billion in Chinese imports, up from an original 10 percent, in a bid to pressure Beijing into making trade concessions.

The greenback rose 0.2 percent against a basket of currencies before pulling back, while against the offshore yuan gained more than half a percent to as high as 6.8458 yuan, not far from the recent peak of 6.8562.

The Aussie dollar, seen as a proxy for Chinese growth because of Australia's big export sectors, slipped 0.3 percent while a sidelined euro was down 0.1 percent at $1.1682.

Against the yen the dollar rose 0.2 percent to 112.10 as Tuesday's pledge by the BoJ to keep rates extremely low for an extended period continued to weigh on the Japanese currency.

Source: Reuters

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