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Euro slips as trade tensions keep FX markets on edge


Monday, 25 June 2018 15:45 WIB

DOLLAR Yen EuroDolar ASAussie


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A rally in the euro faded on Monday as the dollar edged up with trade tensions between the United States and the European Union seen deciding the near-term direction for the currencies.

Investors steered away from risk, with Asian equities in retreat and Treasury yields declining, after a report that U.S. President Donald Trump plans to bar many Chinese companies from investing in U.S. technology firms and block more tech exports to Beijing.

The report added to the sense of caution felt after President Trump on Friday threatened to impose a 20 percent tariff on all cars imported from the European Union. The EU responded by saying it will have no choice but to retaliate to such a move.

The euro at 07:30 GMT on Monday was down 0.2 percent at $1.1629.

The euro had climbed on Friday as traders were encouraged by improved regional economic growth data and new assurances by Italian politicians that their nation would not leave the single currency.

On Monday, the greenback rose 0.2 percent against a basket of major currencies, moving toward an 11-month high.

But the dollar hit a two-week low versus the safe-haven Japanese yen, another sign that the latest flare-up in global trade concerns has dented investor risk appetite.

The greenback fell half a percent to 109.40 yen, its weakest since June 8.

The Australian dollar was down 0.1 percent at $0.7432 after gaining 0.85 percent on Friday. The Aussie had fallen to a one-year low of $0.7394 last week, hurt by the Sino-U.S. trade spat.

Source: Reuters


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