The dollar retreated on Monday’s session losing some of Friday’s gains which were generated after investors pursued the safety of the U.S. currency, on today’s session The dollar strengthened on Tuesday amid tensions around global trade and strains in emerging market currencies.
The dollar strengthened on Tuesday amid tensions around global trade and strains in emerging market currencies.
On Saturday Trump stated that there is no need to keep Canada in the NAFTA and warned Congress not to meddle with the talks to reconstruct, NAFTA or he would terminate the trade pact.
In the Eurozone, the Euro rose against the greenback to end the session lower at 1.1617, pressured negative economic data from Germany and France.
The German manufacturing PMI came at 55.9 lower than expectations of 56.1 also the French Manufacturing PMI came at 53.5 lower than expected.
Furthermore, the Great British Pound ended Monday’s trading session in the red at 1.2826 after the cable found pressure from the economic data as the UK Manufacturing PMI came at 52.8 lower than expectations which were 53.9.
In terms of Safe-havens, the greenback rose slightly against the Japanese yen to close the session higher at 111.10 USDJPY moreover the dollar was able to end its fall against the Swiss Franc to finish the session flat at 0.9692 USDCHF.
The precious metal rose on Monday’s session versus the U.S dollar to close at 1201.09 dollars per ounce.
Elsewhere in Canada, the Greenback rose against the loonie to end the session higher at 1.3097 the Canadian Dollar retreated from against the greenback, U.S. and Canadian officials on Friday finished a round of talks on NAFTA, a Canadian official said. Concerns about a NAFTA deal with Canada grew after Canadian Foreign Minister Chrystia Freeland said earlier on Friday that Canada is looking for a “good deal, not just any deal.” However, Trump said any trade deal with Canada would be “totally on our terms,” confirming an earlier report from the Toronto Star. Trump’s remarks ignited more dollar buying.
In Asia, the Aussie rose against the Greenback to close the session in the green at 0.7212. in the economic space investors will be keeping an eye on the RBA interest rate decision which is widely expected to be kept at 1.5 percent.
The Kiwi dollar dropped against its U.S counterpart for the third consecutive session to end the session up at 0.6598.
In Cryptocurrencies pace, Bitcoin, Litecoin, and Ethereum rose against the Greenback to finish higher at 7273.41 BTCUSD, 63.81 LTCUSD, and 287.73 ETHUSD.