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Author Topic: Forex- U.S. Dollar Surges to 14-Month High Amid Geopolitical Tensions  (Read 121 times)

FXshooting

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Forex- U.S. Dollar Surges to 14-Month High Amid Geopolitical Tensions
« on: August 10, 2018, 10:18:49 am »
Forex- U.S. Dollar Surges to 14-Month High Amid Geopolitical Tensions



Investing.com - The U.S. was stronger against other currencies on Friday, rising near a 14-month high as political tensions pulled the euro and Turkish lira lower.

The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, increased 0.61% to 96.04 as of 10:46 AM ET (14:46 GMT).

The Turkish lira fell to an all time low against the dollar after U.S. President Donald Trump announced he would double tariffs on steel and aluminum from Turkey. The two counties have been in a diplomatic spat over the detention of an American pastor in Turkey.

Turkish President Tayyip Erdogan brushed off concerns, saying it was just a campaign against Turkey and urged Turks to exchange gold and dollars into lira.

USD/TRY surged 15.02% to 6.3488, not far from an all time high of 6.6170 earlier in the session.

The Russian ruble was also weaker, with USD/RUB rising 0.85% to 67.2560, its lowest level since March 2016, after the U.S. imposed fresh sanctions against the Kremlin for its alleged part in poisoning a former British spy and his daughter in the UK.

The dollar was lower against the safe-haven yen, with USD/JPY decreasing 0.27% to 110.77. In times of uncertainty, investors tend to invest in the Japanese yen, which is considered a safe asset during periods of risk aversion.

The lower Turkish lira pushed the euro lower, with EUR/USD falling 0.88% to a 14-month low of 1.1426. Sterling was also lower with GBP/USD down 0.44% to 1.2770.

Meanwhile the Australian dollar was down, with AUD/USD slumping 0.88% to 0.7308 while NZD/USD was down 0.06% to 0.6609. The loonie was lower against the greenback, with USD/CAD up 0.31% to 1.3088.

Ref. www.investing.com/news/forex-news/forex-us-dollar-surges-to-14month-high-amid-geopolitical-tensions-1569606

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