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Forex News: U.S. Dollar Rallies Amid Trade Concerns

U.S. Dollar Rallies Amid Trade Concerns

08/06/2018 - 08:42:00 (RTTNews)

(RTTNews) - The U.S. dollar climbed against its major opponents in the European session on Monday, as concerns over a trade war escalated after Chinese state media unleashed an unusually brutal and personal attack on U.S. President Donald Trump.

The overseas edition of the ruling Communist Party's People's Daily newspaper said that Trump was "starring in his own carefully orchestrated street fighter-style deceitful drama" in which diplomacy had been reduced to a "trading game in which everything should follow the rule of America first".

Last week, China proposed retaliatory tariffs on $US60 billion worth of goods, if the U.S. implements the threatened 25 percent tariffs on $200 billion of Chinese imports.

Further underpinning the currency were the hopes for a gradual tightening by the Federal Reserve after the U.S. jobs data for July.

The currency has been trading in a positive territory against its major rivals in the Asian session.

The greenback advanced to 111.53 against the yen, from a low of 111.15 seen at 5:00 pm ET. The greenback is poised to find resistance around the 113.00 level.

The greenback spiked up to 0.9981 against the franc, its strongest since July 20. Continuation of the greenback's uptrend is likely to see it challenging resistance around the 1.01 region.

The greenback climbed to 1.3026 against the loonie, 0.7381 against the aussie and 0.6725 against the kiwi, from its early lows of 1.2987, 0.7405 and 0.6756, respectively. The next likely resistance for the greenback is seen around 1.32 against the loonie, 0.72 against the aussie and 0.66 against the kiwi.

The greenback firmed to a 1-1/2-month high of 1.1530 against the euro, from a low of 1.1571 touched at 5:00 pm ET. The greenback is seen finding resistance around the 1.13 area.

Survey data by think tank Sentix showed that Eurozone confidence among investors improved to a 3-month high in August as they see signs of relief in the EU's trade dispute with the US.

The investor sentiment index climbed to 14.7 in August from 12.1 in July. This was the highest score since June. The expected reading was 13.4.

Reversing from an early low of 1.3006 against the pound, the greenback appreciated to an 11-month high of 1.2923. On the upside, 1.27 is possibly seen as the next resistance level for the greenback.

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