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Forex - U.S. Dollar Dips as Trump Says No Deal to Huawei

Post time: 2019/8/12 19:30:58

Pacific Exchange(PEX)according to Investing news on 12 August 2019 - The U.S. dollar fell slightly on Friday after U.S. President Donald Trump said America will cut all ties with Chinese tech company Huawei in a signal that the tit-for-tat trade war is unlikely to end anytime soon.

The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, fell 0.1% to 97.417 by 10:48 AM ET (14:48 GMT).

The news came after Beijing halted its purchases of U.S. farming goods on Monday. Trade tensions escalated this week after the U.S. officially declared China a currency manipulator and China allowed the yuan to weaken to below 7 to the dollar.

In additions, Huawei was blacklisted in May for national security concerns, which prevented American companies from doing business with the tech giant.

The Japanese yen, which is seen as a safe-haven in times of market turmoil, rose with USD/JPY down 0.4% to 105.59.

The euro inched up slightly, held back by political uncertainty in Italy after Deputy Prime Minister Matteo Salvini called for a vote of no confidence in the governing coalition, which could lead to snap elections. EUR/USD rose 0.2% to 1.1198.

Meanwhile GBP/USD fell 0.5% to 1.2073 after second-quarter GDP fell 0.2%, increasing recession fears on the back of Brexit uncertainty.