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April 16, 2021

The U.S dollar was little changed against other global currencies on Tuesday, amid rising trade tension between Washington and Beijing

US dollar

The U.S dollar was little changed against other global currencies on Tuesday, amid rising trade tension between Washington and Beijing with the world’s two largest economies announced new tariffs on a various number of imports.

In Trade, On Monday, President Donald Trump announced that he will enforce a 10 percent U.S. tariffs on nearly $200 billion worth of Chinese imports, effective Sept. 24.

On the flipside, Beijing retaliated on Tuesday by adding levies of its own on $60 billion worth of American goods.

Moreover, the greenback has been a significant beneficiary of mounting trade-related tensions between the U.S and China in recent months, as investors bet it would gain at the expense of emerging market currencies.

The U.S dollar index which measures the greenback’s strength against a basket of major currencies edged up by 0.12 percent to settle at 94.61 at the close on Tuesday.

In Europe, the single currency fell by 0.16 percent versus the greenback on to trade at 1.16641 EURUSD at the close.

In the United Kingdom, the Sterling pound was little changed versus the dollar on Tuesday. The Cable fell from six-week highs with traders locking in profits and investors take a more cautious position in the wake of said progress toward a Brexit deal ahead of a European Union summit later this week; The GBPUSD edged lower by 0.08 percent to trade at 1.31470 at the close.

Regarding safe-haven currencies, The dollar traded at 112.36 USDJPY, up by 0.47 percent. Meanwhile, Swiss franc lost to the greenback to trade at 0.96449 USDCHF, with the pair rising by 0.21 percent at the close.

The precious metal Gold saw a 0.25 percent decrease against the U.S dollar on Tuesday, to settle at 1198.28 at the close.

Elsewhere in Canada, the Loonie Strengthen by 0.51 percent against the greenback to trade at 1.2974 USDCAD, as the Canadian currency found support from rising oil prices and positive domestic manufacturing data supporting the Bank of Canada’s case for hiking rates in October.

Meanwhile, commodity-dependent currencies, Aussie and Kiwi dollar both advanced versus the greenback; The AUDUSD and NZDUSD added 0.54 and 0.12 percent to end the session at 0.7218 AUDUSD and 0.6584 NZDUSD, respectively.

In Crypto-currencies world, Bitcoin, Litecoin, and Ethereum rose against the Greenback to end Tuesday’s trading session at 6290.91 BTCUSD, 52.27 LTCUSD, and 205.16 ETHUSD, respectively.

 

 

Ali Hwary

Ali Hwary

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