Dollar little changed vs. rivals in cautious trade
Investing.com – The U.S. dollar held steady against other major currencies on Monday, as traders digested last week’s news of possible U.S. tariffs on steel and aluminum imports.
The greenback initially weakened after U.S. President Donald Trump announced plans on Thursday of 25% on imported steel and 10% on aluminum, in a move to “protect U.S. industry”.
The news sparked concerns over potential trade wars, which would have a negative impact on the U.S. economy.
The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, was little changed at 89.93 by 05:15 a.m. ET (09:15 GMT).
The euro was little changed, with at 1.2321, while edged up 0.11% to 1.3815.
Markets were also jittery after Italian elections on Sunday ended in a hung parliament with none of the country’s three main groups able to rule alone.
On a more positive note, Germany’s Social Democratic Party (SPD) voted on Sunday for with Chancelor Angela Merkel’s conservatives, ending two months of political uncertainty. The new government could be in place in less than two weeks.
In the UK, data earlier showed that service sector activity accelerated last month.
Elsewhere, the yen and the Swiss franc were stronger, with down 0.18% at 105.56 and with slipping 0.14% to trade at 0.9361.
The Australian and New Zealand dollars were lower, with down 0.18% at 0.778 and with falling 0.14% to 0.7219.
Meanwhile, eased up 0.09% to trade at 1.2892.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.