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On Tuesday, the evergreen buck added versus its counterparts because market participants weighed the latest worsening in the tit-for-tat tariff conflict between China and America, while a weaker common currency also raised market sentiment.
Estimating the greenback’s purchasing potential against it main rivals the USD index managed to surge by 0.16% trading at 94.25.
China told that on September 24 it’s going to slap new duties on American products worth $60 billion, although duties would be imposed at lower rates than had been anticipated.
Eventually, China's tariff rate on a list of up to 5,207 American goods is going to vary from 5% to 10%, which is below the previous array 10%-20%.
Market participants seemingly took it as an indication that both sides didn’t hurry up to enter a full-fledged trade conflict, as America also slapped levies at a lower rate than earlier anticipated.
On Monday, American leader told that fresh 10% duties on $200 billion in China’s products, which is below an original figure of 25% previously set by the presidential administration.
Furthermore, the currency pair AUD/JPY managed to grow by 0.71% showing 80.95. As for the currency pair USD/JPY jumped by 0.38% trading at Y112.31.
By the way, Australia’s economy heavily depends on exporting raw materials, exports to China, amounts to a third of Australian exports annually.
The evergreen buck was also underpinned by a retreat in the common currency because market participants became nervous about Italy's chance of passing a budget within the EU guidelines right after Deputy Prime Minister Luigi Di Maio had a tough dispute with Finance Minister Giovanni Tria over budget suggestions.
The currency pair EUR/USD went down by 0.18% being worth $1.1662. At the same time, the currency pair GBP/USD dipped by 0.11% trading at $1.3136.
During the daily press briefing of Andres Manuel Lopez Obrador, it was announced that Mexico will receive 1.4 million doses of the vaccine by the end of January. Is that optimistic enough for the peso?
The US unemployment claims are announced on Thursday at 15:30 MT time.
The Canadian monthly GDP is announced on Wednesday at 15:30 MT time.
The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time.
Joe Biden is going to unveil a Covid-19 relief package of about $2 trillion. After this announcement, the 10-year Treasury yield rose, adding support for the USD.
The US dollar’s weakness offered a boost to emerging-market currencies and oil.
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