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Dollar rallies on renewed trade war worries and upbeat Fed
Thursday, 2 August 2018 15:15 WIB | CURRENCIES |DOLLARDolar AS

The dollar rallied on Thursday as the Federal Reserve's upbeat assessment of the economy combined with a flare-up in the trade tensions between the United States and China to boost demand for the U.S. currency.

The euro fell to a one-week low as the dollar gained in early European trading. The escalation in the trade row also put pressure on the yuan and Aussie dollar, both of which have been vulnerable to a worsening trade conflict.

After ending its two-day policy meeting, the Fed left interest rates unchanged, as expected, and said U.S. economic growth has been rising and the job market had continued to strengthen.

U.S. administration officials said on Wednesday that President Donald Trump is proposing a 25 percent tariff on $200 billion worth of Chinese imports, rattling global financial markets. Equity markets fell.

The dollar index, which measures it against a basket of six currencies, rose 0.3 percent to 94.863, off last week™s 3 1/2-week low of 94.084.

The euro fell as low as $1.1626, or 0.3 percent, its weakest since July 27.

The dollar slipped 0.1 percent against the yen to 111.66 as benchmark Japanese government bond yields touched a 1 1/2-year high.

The British pound fell 0.4 percent to $1.3078 before the Bank of England™s policy meeting later on Thursday.

The Australian dollar, seen as a proxy for Chinese growth because of Australia™s export-reliant economy, slipped 0.4 percent to around $0.7377.

Source: Reuters

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