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REUTERS
August 10, 2018

Dollar gains

Business

REUTERS
August 10, 2018

LONDON: The dollar gained against most major currencies on Thursday as investors bet that trade war rhetoric and a strong U.S. economy would continue to aid the currency.

Trade tensions as seen as beneficial for the U.S. dollar as the economy is better placed to handle protectionism than emerging markets, and tariffs may narrow the U.S. trade deficit.

But the dollar´s gains have been more pronounced against emerging-market currencies because an escalation in the U.S.-China trade war would hit their export-oriented economies harder.

The dollar index, which tracks the dollar versus a group of six currencies, was up 0.2 percent at 95.345. It rose to a year-high of 95.652 on July 19 but has since struggled to break much above the 95.5 level.

In an apparent reflection of concern among investors about an uptick in geopolitic tensions, including the U.S.-China trade war and Brexit, the Japanese yen rose broadly before falling against a rebounding dollar.

Global foreign exchange markets this summer have been dominated by political angst from U.S. sanctions on Russia and Turkey to rising tensions in the Middle East and in Europe.

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