Dollar rises as trade concerns mount Support safe haven demand

Dollar rises as trade concerns mount Support safe haven demand

The dollar rose on Friday on reports that US President Donald Trump was considering plans to impose a $ 200 billion import duty on China next week, boosting demand for safe haven.

Citing six people familiar with the subject, Bloomberg said Trump wanted to push ahead with a tariff plan once the public comment period expires next week. The report came after the United States and China imposed tariffs on goods valued at $ 16 billion. They also listed each other with $ 34 billion in imports in July.

The dollar index, widely seen as a safe haven in recent months, rose 0.04% to 94.65 by 11:35 am Eastern Time

“Jung Ishikawa, chief forex analyst at EG, said. Securities in Tokyo “Trade is a continuing trend of buying US dollars on friction, which negatively impacted the currencies of emerging markets and strengthened the US dollar in return.”

Meanwhile, Trump said that his administration was considering “formula” to determine whether the country is changing its currencies or not.

“It’s a formula,” Trump said on Thursday. “We look forward to the formula.”

The US president has repeatedly accused China of manipulating her currency, although he was unable to provide evidence to support his claim. His accusations also appeared to contradict the results of the Treasury Department, which refused to name any country as a currency manipulator earlier this year in its semi-annual policy report on foreign exchange.