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Dollar Recovers Amid Easing Trade War Fears; Aussie Rebounds on Upbeat Data

3/8/2018, 4:10:39 PMTrading Strategies
Dollar Recovers Amid Easing Trade War Fears; Aussie Rebounds on Upbeat Data

The dollar slightly recovered amid easing trade war fears. U.S. President Trump urged to sign his harsh tariff plan into the bill by this week, but toned down his tough stance by excluding a few countries from the plan.

The US dollar index that tracks the greenback against a basket of six major currencies gained 0.03% to 89.59 at 9:34pm ET, slightly back on recovery.

White House spokeswoman Sarah Sanders hinted that the expected U.S. tariffs on steel and aluminum imports may exclude Canada, Mexico and a few of other countries.

The USD/JPY pair steadied at 106.09. Japan’s Q4 GDP numbers made headlines as it was revised higher to 1.6% on stronger business investment, beating the estimated 1.4%.

The Aussie rebounded against the dollar to trade 0.10% higher at 0.7833. Australia reported upbeat January trade balance with a surplus of A$1.05B, beating the A$300M forecast.

Elsewhere, the dollar traded against the South Korean won at 1,068.86, slightly down 0.02%. The dollar surged against the won from 1,066.94 this morning to test the 1,070.0 handle. The latest development on the Korean peninsula with the two Koreas meeting put pressure on the won. Reports about North Korea saying to offer conditional halt to the ICBM program received some focus.

In china, The People’s Bank of China set the fix rate of yuan against the dollar at 6.3239 vs. previous day's fix of 6.3294.The USD/CNY pair was quoted at 6.3289, up 0.07%.