Dollar Gains On More Chinese Import Tariffs – 17 September, 2018

The U.S announced its imposed a 10 percent tariff on Chinese imports this week which caused the dollar to gain against its peers brought on by trade woes and investors looking to the safe-haven greenback. President Trump said that should China retaliate the tariffs on the roughly $200 billion imports, he would persuade phrase three which would impose tariffs on roughly $267 billion of additional imports. Against a basket of six major currencies, the dollar rose 0.1 percent to 94.607 after declining by as much as 0.5 percent the previous day. The  offshore Chinese yuan was down 0.25 percent lower to 6.8874 yuan. The dollar fell to 111.69 yuan, down 0.15 percent . The euro was also down 0.15 percent against the dollar at $1.1668, and the pound slipped 0.1 percent to $1.3147 after sterling hit a six week high of $1.3147 this week.