U.S. Dollar Weakens On Tariff Worries

Date : 01/15/2020 @ 8:27AM
Source : RTTF2
Stock : United States Dollar vs Canadian Dollar (USDCAD)
Quote : 1.322315  -0.00369 (-0.28%) @ 10:13PM
US Dollar vs CAD share price Chart

U.S. Dollar Weakens On Tariff Worries

US Dollar vs CAD (FX:USDCAD)
Forex Chart

2 Months : From Dec 2019 to Feb 2020

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The U.S. dollar fell against its most major counterparts in the European session on Wednesday, as sentiment dampened after the United States said that it would place tariffs on Chinese goods past November's presidential election.

Late Tuesday, Treasury Secretary Steven Mnuchin said that the U.S. tariffs would prevail on Chinese goods until the completion of a second phase of a trade deal.

If the president gets a Phase 2 in place quickly, he'll consider releasing tariffs as part of Phase 2," Mnuchin said.

Trump is set to sign the Phase 1 trade agreement with Chinese Vice Premier Liu He at the White House later today. The deal will lead to China buying more American agricultural goods, machinery especially aircraft and energy products, but does not tackle issues such as subsidies.

Adding to concerns over U.S.-China trade relations, media reports suggest that the Trump administration is moving closer to a set of rules that would tighten sales of semiconductors to Chinese technology giant Huawei.

The currency has been trading lower against its most major opponents in the previous session.

The greenback declined to a 1-week low of 1.1155 against the euro from Tuesday's closing value of 1.1127. The next possible support for the greenback is seen around the 1.13 level.

Data from Eurostat showed that Eurozone industrial production grew for the first time in three months in November.

Industrial production grew 0.2 percent on month, in contrast to a 0.9 percent fall in October. Nonetheless, this was slower than the 0.3 percent rise economists had forecast.

The greenback moved down to 0.9646 against the franc, a level unseen so far this year. The greenback is seen locating support around the 0.95 mark.

The greenback fell back to 109.83 against the yen, heading to pierce a 2-day low of 109.82 set in the Asian session. If the greenback slides further, it may find support around the 108.00 level.

The Bank of Japan downgraded the economic view of three out of nine regions.

In its quarterly Regional Economic Report, the bank said that all nine regions reported that their economy had been either expanding or recovering.

The greenback pulled back to 1.3060 against the loonie and 1.6898 against the aussie, from its early high of 1.3078 and a 5-day high of 1.6882, respectively. On the downside, 1.28 and 0.71 are possibly seen as the next support levels for the greenback against the loonie and the aussie, respectively.

The U.S. currency reached as low as 0.6621 against the kiwi and held steady thereafter. The greenback may locate resistance around the 0.68 level.

In contrast, the greenback held steady against the pound, after recovering from a 2-day low of 1.3042 seen earlier in the session. The pair had closed yesterday's deals at 1.3017.

Looking ahead, Canada existing home sales and U.S. producer price inflation for December, the New York Fed's empire manufacturing survey for January and Fed Beige book report will be featured in the New York session.

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