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November 26, 2020

US Dollar rises as trade tensions escalate

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The U.S. Dollar rose on Tuesday against a basket of major currenices as investors bought riskier assets, encouraged by signs that trade tensions have yet to hurt economic momentum.

Meanwhile, the U.S. Dollar index rose on Tuesday and was up by 0.04 percent to close the session at 93.84.

Furthermore, U.S. and China trade war, the United States imposed 25 percent tariffs on 34 billion Dollar of Chinese imports, and China responded immediately with matching taxes on the same amount of U.S. exports to China.

While the Pound recovered some of the losses suffered on Monday after two ministers quit over the government’s Brexit plans. Expectations that Theresa May will survive as prime minister to start negotiating her blueprint with the European Union briefly pushed sterling into positive territory on Wednesday, though gross domestic data in line with forecasts and the stronger U.S. Dollar weighed on the currency, the investors waiting for BOE’s Governor Carney speech at 14:35 GMT.

The Euro fell against the U.S. Dollar after German ZEW Economics Sentiment dropped to -24.7 a sharper drop than expected. Regarding the safe havens, the Japanese Yen rose by 0. 5 percent on Tuesday and opened Today’s session higher to trade at 111.06 JPYUSD at 7:00 GMT and the Canadian Dollar was moderately higher against its U.S. counterpart on Tuesday to open Wednesday’s sessions at 1.3111 USDCAD at 7:00 GMT.

The Australian Dollar fell by 0.09 percent to trade at 0.7458 AUDUSD at the close on Tuesday’s session. And the Kiwi Dollar gained 0.01 percent to trade at 0.6836 NZDUSD at the end of the session on Tuesday.

Ali Hwary

Ali Hwary

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