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Forex News: U.S. Dollar Slides Amid Trade War Concerns

U.S. Dollar Slides Amid Trade War Concerns

04/02/2018 - 07:02:00 (RTTNews)

(RTTNews) - The U.S. dollar drifted lower against its most major opponents in the European session on Monday, as China implemented retaliatory tariffs on U.S. imports from today, escalating fears over a trade war.

China's ministry of commerce said in statement late Sunday that it would impose tariffs of 15 percent on 120 American products, such as fruits, nuts, wine and steel pipes. Eight other items, including pork and recycled aluminum, would be slapped with a 25 percent tariff.

The measures, which were in response to the U.S. tariffs on steel and aluminium imports from China, would take effect today.

"China's suspension of its tariff concessions is a legitimate action adopted under WTO rules to safeguard China's interests," the Chinese finance ministry said.

Investors await U.S. economic data slated to be released later in the day, including ISM manufacturing index for March and construction spending index for February.

European financial markets remain closed in observance of Easter Monday, while U.S. stock markets will resume trading later today following a holiday break.

The currency has been trading in a negative territory in the Asian session.

The greenback declined to 4-day lows of 1.2332 against the euro and 1.4070 against the pound, off its early highs of 1.2311 and 1.4019, respectively. Continuation of the greenback's downtrend may see it challenging support around 1.25 against the euro and 1.43 against the pound.

The greenback pared gains to 0.9531 against the franc, from a high of 0.9551 hit at 2:20 am ET. On the downside, 0.93 is possibly seen as the next support level for the greenback.

The greenback retreated to 0.7236 against the kiwi and 1.2876 against the loonie, from its early highs of 0.7225 and 1.2898, respectively. The greenback is likely to find support around 0.74 against the kiwi and 1.27 against the loonie.

The greenback eased back to 0.7689 against the aussie, following a session's high of 0.7672 hit at 2:15 am ET. The greenback is seen finding support around the 0.79 region.

The greenback held steady against its Japanese counterpart, after having fallen to 106.19 at 8:30 pm ET. The pair finished last week's trading at 106.42.

Survey data from IHS Markit showed that Japan's manufacturing activity expanded at a solid pace, albeit weaker in March.

The headline Nikkei manufacturing Purchasing Managers' Index, a composite single-figure indicator of manufacturing performance, fell to 53.1 in March from 54.1 in February.

Looking ahead, U.S. construction spending for February, Markit's manufacturing PMI and ISM manufacturing index for March are due in the New York session.

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