Wednesday, 18 September 2019
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Euro pressured by dollar strength and subdued factory growth
Wednesday, 1 August 2018 20:36 WIB | CURRENCIES |DOLLAR EuroDolar AS

The euro struggled on Wednesday as fears of an escalation in the trade dispute between the United States and China boosted the dollar and a survey showing subdued euro zone manufacturing growth in July kept investors cautious.

The U.S. administration plans to propose a 25 percent tariff on $200 billion in Chinese imports, up from an original 10 percent, to pressure Beijing into making trade concessions, a source familiar with the matter said. China has vowed to retaliate.

The dollar rose 0.2 percent against a basket of currencies before pulling back to trade up 0.1 percent at 94.611.

The euro fell 0.1 percent to $1.1684 EUR=EBS, under pressure from the stronger dollar and a Purchasing Managers' Index survey that showed factory output was growing but had nudged up only slightly from June™s 18-month low.

Source: Reuters

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