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Business

REUTERS
September 11, 2018

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Dollar higher

TOKYO: The dollar traded higher against a basket of currencies on Monday amid fears of a potentially major escalation in the China-U.S. trade conflict, while Sweden´s crown rose following the previous day´s election.

U.S. President Donald Trump warned on Friday that he was ready to slap tariffs on virtually all Chinese imports into the United States, threatening duties on another $267 billion of goods in addition to the $200 billion already facing the risk of duties. "If there are any signs that the U.S. economy is finally hit by its own protectionist moves, then I think that´s the start of full-blown risk aversion," said Masafumi Yamamoto, chief currency strategist at Mizuho Securities. "This will at least lead to the weakness of the dollar against the yen," Yamamoto said. He warned markets didn´t yet fully price in the impact of U.S. tariffs on virtually all imports from China.

The dollar index, which measures the greenback against a basket of six currencies, traded about 0.1 percent higher at 95.472, not far off a three-week high of 95.737 hit on Tuesday last week. The index also found support after data showed U.S. jobs growth accelerated in August and wages notched their largest annual increase in more than nine years, boosting the prospect of faster interest rate rises by the Federal Reserve.

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