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Forex News: U.S. Dollar Falls On Rising Trade Worries

U.S. Dollar Falls On Rising Trade Worries

06/25/2018 - 07:00:00 (RTTNews)

(RTTNews) - The U.S. dollar declined against its major counterparts in the European session on Monday, as trade war fears showed no sign of abating.

U.S. President Donald Trump on Sunday issued new threats against America's trade partners, calling on all the countries to remove trade barriers and tariffs, and raising concerns about potential escalation of the trade battle between the U.S. and the rest of the world.

In another development, the Wall Street Journal reported that Trump plans to bar many Chinese companies from investing in U.S. technology firms and block additional technology exports to China.

The U.S. treasury is looking to block companies with at least 25 percent Chinese ownership from buying companies involved in "industrially significant technology".

Trump is also planning to prevent U.S. companies from selling "industrially significant technology" to China

The currency traded mixed against its major rivals in the Asian session. While it fell against the yen and the franc, it rose against the euro and the pound.

The greenback retreated to 1.1671 against the euro, from a high of 1.1629 hit at 3:00 am ET. Next key support for the greenback is likely seen around the 1.18 level.

Survey data from Ifo Institute showed that Germany's business sentiment weakened in June.

The business confidence index fell to 101.8 in June, in line with expectations. The initially estimated score for May was 102.2.

The greenback declined to 0.9869 against the Swiss franc, after rising to 0.9890 at 3:00 am ET. If the greenback falls further, 0.96 is likely seen as its next support level.

The greenback eased back to 1.3267 against the pound, reversing from an early 4-day high of 1.3221. The greenback is likely to find support around the 1.35 level.

The greenback held steady against the yen, after having fallen to a 2-week low of 109.38 at 1:30 am ET. The next likely support for the greenback is seen around the 108.00 level.

Data from the Cabinet Office showed that Japan's leading index improved more than initially estimated in April.

The leading index, which measures the future economic activity, rose to 106.2 in April from 104.5 in March. The flash score for April was 105.6.

Looking ahead, U.S. new home sales for May are scheduled for release in the New York session.

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