U.S. Dollar Advances Amid Tariff Concerns

RTTNews | 119 days ago
U.S. Dollar Advances Amid Tariff Concerns

(RTTNews) - The U.S. dollar firmed against its most major counterparts in the New York session on Thursday, as investors rushed to safe-haven assets amid concerns about President Donald Trump's trade policies after he suggested the U.S. would respond to the European Union's countermeasures with even more tariffs.

With the EU saying it would impose tariffs on approximately $28 billion worth of U.S. goods in response to U.S. tariffs on steel and aluminum imports, Trump indicated the U.S. would react with reciprocal tariffs.

"Whatever they charge us with, we're charging them," Trump told reporters on Wednesday. "Nobody can complain about that."

Trump later threatened in a post on Truth Social to impose a 200 percent tariff on all wines, champagnes and alcoholic products coming out of the EU in response to a "nasty" 50 percent tariff on whisky.

Meanwhile, traders have largely shrugged off a Labor Department report showing producer prices in the U.S. were unexpectedly flat in the month of February.

The Labor Department said its producer price index for final demand was unchanged in February after climbing by an upwardly revised 0.6 percent in January.

Economists had expected producer prices to rise by 0.3 percent compared to the 0.4 percent growth originally reported for the previous month.

The greenback climbed to a 3-day high of 1.0822 against the euro and a 1-week high of 0.8854 against the franc. The currency is poised to challenge resistance around 1.05 against the euro and 0.90 against the franc.

The greenback edged up to 1.2920 against the pound. The greenback is likely to face resistance around the 1.27 level.

The greenback rose to 2-day highs of 0.6269 against the aussie and 0.5682 against the kiwi, from an early 6-day low of 0.6338 and a 3-day low of 0.5742, respectively. The greenback may face resistance around 0.61 against the aussie and 0.55 against the kiwi.

The greenback advanced to 1.4451 against the loonie. The currency is seen finding resistance around the 1.46 level.

In contrast, the greenback fell to a 2-day low of 147.40 against the yen. If the currency falls further, it is likely to test support around the 145.00 region.

read more
Pound Falls As U.K. Economy Contracts For Second Straight Month

Pound Falls As U.K. Economy Contracts For Second Straight Month

The British pound weakened against other major currencies in the European session on Friday, as the UK economy shrank for the second consecutive month in May, adding challenges to Chancellor Rachel Reeves in achieving her self-imposed borrowing rules.
RTTNews | 18 minutes ago
Pound Falls Against Majors

Pound Falls Against Majors

The British pound weakened against other major currencies in the European session on Friday.
RTTNews | 40 minutes ago
Yen Retreats Amid US-Japan Trade Uncertainty

Yen Retreats Amid US-Japan Trade Uncertainty

The Japanese yen retreated from early highs against other major currencies in the European session on Friday, amid concerns on US-Japan relations in light of Trump's placement of a 25 percent tariff on Japanese exports this week, which will go into force on August 1.
RTTNews | 1h 29min ago
Yen Retreats Against Majors

Yen Retreats Against Majors

The Japanese yen weakened against other major currencies in the Asian session on Friday.
RTTNews | 4h 42min ago
Antipodean Currencies Rise Amid Risk-on Mood

Antipodean Currencies Rise Amid Risk-on Mood

The antipodean currencies such as the Australia and the New Zealand dollars strengthened against other major currencies in the Asian session on Friday amid increased risk-on mood by the investors, following the broadly positive cues from Wall Street overnight, as traders hope for an end to the tariff uncertainty after U.S. President Donald Trump confirmed he will not extend the August 1 deadline for striking trade deals, though he continues to threaten higher reciprocal tariffs on various sectors and countries.
RTTNews | 5h 19min ago