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Forex News: U.S. Dollar Weakens On Escalating Trade Worries

U.S. Dollar Weakens On Escalating Trade Worries

06/18/2018 - 09:16:00 (RTTNews)

(RTTNews) - The U.S. dollar dropped against its most major counterparts in the European session on Monday, as concerns of a trade war intensified after the U.S. and China announced tit-for-tit tariffs on imports.

On Friday, the U.S. President Donald Trump imposed a 25% tariff on around $50 billion of Chinese imports, raising worries about the prospect of a trade war between the world's two largest economies.

Trump said that tariffs were being introduced "in light of China's theft of intellectual property and technology and its other unfair trade practices."

China hit back by imposing a 25 percent tariffs on $34 billion exports from the U.S., which included agricultural products and vehicles.

The U.S. NAHB housing market index for June is due at 10:00 am ET. Economists expect the index to remain unchanged at 70.

Fears of a global trade war as well as expectations that major oil producers will soon start to increase supplies weighed on oil prices.

The currency held steady against its major rivals in the Asian session, with the exception of the yen.

Having advanced to near a 4-week high of 0.9990 against the franc at 3:15 am ET, the greenback dropped to a 4-day low of 0.9943. On the downside, 0.97 is possibly seen as the next support level for the greenback.

The greenback reversed from an early high of 1.1565 against the euro, falling to 1.1624. The greenback is poised to challenge support around the 1.17 level.

The greenback retreated to 1.3264 against the pound, from an early high of 1.3226. Next key support for the greenback is likely seen around the 1.34 level.

Data from property tracking website Rightmove showed that the average asking price for a house in the United Kingdom was up 0.4 percent on month in June.

That followed the 0.8 percent increase in May.

The greenback pulled away from an early 1-year high of 1.3207 against the loonie and fell to 1.3159. The greenback is seen finding support around the 1.30 region.

The greenback eased to 0.6956 against the kiwi and 0.7455 against the aussie, from its early near a 3-week high of 0.6920 and a 1-1/2-month high of 0.7426, respectively. The next likely support for the greenback is seen around 0.71 against the kiwi and 0.76 against the aussie.

The greenback held steady against the yen, after having fallen to a 4-day low of 110.30 at 9:45 pm ET. The pair was valued at 110.64 when it had closed deals on Friday.

Data from the Ministry of Finance showed that Japan posed a merchandise trade shortfall of 578.321 billion yen in May.

That missed expectations for a shortfall of 205.2 billion yen following the downwardly revised 624.6 billion yen surplus in April.

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