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On Friday, the evergreen buck went down, having pulled abruptly back from six-week peaks right after Donald Trump’s initiative to impose tariffs on aluminum and steel took the wind out of the US currency’s week-long revival.
The US dollar index versus a group of six key currencies declined 0.15% being worth 90.185.
The index had already lost about 0.4% overnight, drifting away from a maximum of 90.932, which is its strongest value since January 19, right after on Tuesday Trump revealed that he would impose strict tariffs on imported aluminum as well as steel.
The Trump administration told the tariffs would have American industry protected, although the evergreen buck and Wall Street equities headed south because the plan powered fears of an upcoming trade feud as well as concerns over its potentially adverse impact on the world's number one economy.
While American steel and aluminum producers could derive benefits from high prices, businesses, which have to buy the metals are supposed to suffer losses.
The evergreen buck had dived to the three-year minimum in February, partly due to fears of American protectionism, and such concerns were rekindled because the currency was supposed to recover from weakness suffered nearly all February.
The US currency slumped 0.15% hitting 106.065 yen, having dived for the last two trading sessions versus the Japanese currency that tends to earn in times of risk aversion as well as equity market weakness. As a matter of fact, the major US currency sank to 105.960 yen, thus demonstrating its weakest result since February 16.
The common currency tacked on 0.1% being worth $1.2276 having edged up 0.6%.
The British pound didn’t change, sticking with a reading of $1.3780 having bounced overnight from an almost two-month minimum of $1.3712.
The Australian dollar stood still at $0.7759, the New Zealand dollar rallied 0.3% hitting $0.7271.
For the last week, crypto assets jumped, backed by a 25% leap in Bitcoin Cash, in contrast with a backdrop of further indications of sluggishness in fiat currencies, including the evergreen buck…
On Monday, the evergreen buck slumped to a two-and-a-half week minimum because market participants pulled back ahead of the Fed’s meeting a bit later in the week…
On Friday, key crypto assets showed mixed performance in Asia, with mild movements because the trading week drew to its end…
Safe havens such as gold and Japanese yen declined as investors sentiment was boosted by eased geopolitical tensions…
On Tuesday, the euro tacked on because market participants waited for reports on inflation and growth in the euro zone, while the Japanese yen went down after Japan’s major bank told it would be more flexible in its huge stimulus program…
On Tuesday, the evergreen buck dived because the common currency bounced off and the UK pound managed to ascend to the day’s maximums reacting to reports that British Prime Minister Theresa May is going to take control of Brexit talks…
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