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On Wednesday, the evergreen buck jumped because fears strengthened that US leader might soon power an everlasting trade conflict with China by slapping duties on more China’s products.
American leader could slap levies on $200 billion more of China’s goods right after a public comment period on the fresh levies is over on Thursday. However, it’s not clear how rapidly it’s going to take place.
Market participants demonstrated high loyalty to the safe-haven US currency. As a result, it managed to jump versus key counterparts just like the UK pound and the euro.
The US currency was also backed by positive American indicators that justified further interest rate lifts by the key US bank.
Estimating the greenback’s purchasing potential versus a number of its main rivals, the USD index tacked on by up to 0.1% showing 95.442, which is not far off a two-week maximum of 95.737 hit during the previous trading session.
A downtime in Turkey’s currency as well as the US-China trade conflict have made the evergreen buck a safe haven for many traders looking for a reliable shelter. By the way, US leader is interested in the strong greenback, hoping it will put pressure on America’s foes.
Since Tuesday, the evergreen buck has managed to jump over 2% versus the South African rand as well as the Argentine peso. Moreover, it rallied more than 1% versus Colombian and Mexican pesos.
This year the evergreen buck has jumped versus every key currency except Mexico’s one and the Japanese yen. However, some market experts are assured that the evergreen buck might slump by the end of this year.
Besides this, the common currency dipped by 0.1% hitting $1.1597, while the UK currency slumped by 0.2 demonstrating a reading of $1.2827.
Reportedly, the ECB is analyzing the possibility of the change of the current inflation target of "below but close to 2%". It weakened the EUR
What is important today?
USD/SGD rises as the indicators disappoint the market.
In July, Britain's inflation rate rallied for the first time in 2018, thus leaving many UK households feeling quite squeezed by prices, soaring at nearly the same tempo as their wages…
On Friday, the evergreen buck rallied versus its counterparts after data disclosed that the American economy generated more jobs than anticipated In October, thus backing the Fed’s case to proceed with gradual rate lifts…
On Tuesday, gold rallied because uncertainty over the latest developments in Britain’s departure from the EU backed safe haven demand and traders looked ahead for American inflation data to underpin the Fed’s pledge to remain on hold…
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