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Forex News: U.S. Dollar Falls Amid Escalating Trade War Concerns

U.S. Dollar Falls Amid Escalating Trade War Concerns

04/04/2018 - 07:31:00 (RTTNews)

(RTTNews) - The U.S. dollar lost ground against its major opponents in the European session on Wednesday, as China's announcement of reciprocal tariffs on U.S. imports worth $50 billion intensified trade war fears between the world's two largest economies.

Responding to the U.S. tariffs released on Tuesday, China issued a list of 106 U.S. products, which will face a new 25 percent tariff amounting to $50 billion.

The list includes soybeans, cars, orange juice and some types of aircraft.

Beijing's retaliatory action came after the U.S. decision to unveil a list of Chinese imports worth about $50 billion that would be targeted with 25 percent tariffs.

Traders also await cues from Friday's U.S. employment report as well as a slew of U.S. reports on private sector employment, service sector activity, factory orders and international trade due this week amid expectations for further monetary policy tightening.

The greenback held steady against its major opponents in the Asian session, with the exception of the pound.

The greenback dropped to 1.2314 against the euro, after having advanced to 1.2257 at 3:15 am ET. The next possible support for the greenback is seen around the 1.25 level.

Flash data from Eurostat showed that Eurozone inflation accelerated in March largely on food prices.

Inflation rose to 1.4 percent in March from 1.1 percent in February. A similar higher rate was last seen in December. Following more than a 2-month high of 0.9599 hit at 3:15 am ET, the greenback edged down to 0.9551 against the franc. On the downside, 0.93 is seen as the next support level for the greenback.

The greenback was trading lower at 106.14 against the yen, down from a 6-day high of 106.69 hit at 2:45 am ET. The greenback is seen finding support around the 105.00 region.

On the flip side, the greenback reversed from an early weekly low of 1.4097 against the pound, rising to 1.4029. The greenback is likely to find resistance around the 1.38 region.

Survey data from IHS Markit showed that U.K. construction activity contracted unexpectedly in March following five months of marginal growth.

The IHS Markit/Chartered Institute of Procurement & Supply construction Purchasing Managers' Index fell to 47.0 in March from 51.4 in February. The reading was expected to ease to 51.0.

The U.S. factory orders for February, ADP private payrolls, Markit's services PMI and ISM non-manufacturing composite index for March are set for release in the New York session.

At 11:00 am ET, Cleveland Fed President Loretta Mester speaks about diversity in economics at Central State University in Ohio.

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