© Reuters. The dollar dived further against other currencies
Investing.com – The dollar dived further against other currencies in Asia on Wednesday morning following news from the White House that hampered the investors’ confidence in the greenback. U.S. president Donald Trump unexpectedly fired the Secretary of State and prepared to impose tariffs on China.
The that tracks the greenback against a basket of six major currencies slumped 0.16% to 89.56 at 10:54pm ET, the lowest of this week.
President Trump reportedly ousted his Secretary of State Rex Tillerson on Twitter on Tuesday – another personnel shakeup from the administration following the departure of top economic advisor Gary Cohn last week. Reports that suggested the U.S. is planning to impose tariffs on up to $60 billion of Chinese imports also received some attention.
The pair traded 0.11% lower, as a series of fear-inducing news from the Trump administration made investors turn to the safe haven currency overnight. The Bank of Japan’s minutes were released on Tuesday, in which governor Haruhiko Kuroda along with his fellow board members were said to adhere to their loosening monetary policy until inflation reaches the 2% target. for January were also up much higher than the forecast 5.6%, printing at 8.2% after the previous period’s rate of -11.9%.
The Aussie edged 0.18% up against the dollar at 0.7874, as upbeat Chinese data were cited as tailwind for the sentiment-linked Aussie. China’s figure of February rose 7.2% year-on-year versus the estimates 6.2%, and gained 7.9% versus the expected 7.0%. Meanwhile, of February slightly missed the estimated 9.8% to come in at 9.7%. China is Australia’s largest trading partner and Chinese economic data releases tend to impact the Aussie.
Elsewhere, The People’s Bank of China set the fix rate of yuan against the dollar at 6.3205 versus Tuesday’s 6.3218. The pair was last quoted at 6.3137, down 0.10%.
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.
Latest posts by investing.com (see all)
- Forex – Dollar at 1-Month Lows as Fed, Trade Concerns Weigh - March 22, 2018
- Forex – Sterling Trims Gains as BoE Holds in Split Decision - March 22, 2018
- Dollar, shares buffeted by trade war worries - March 22, 2018