Sat, January 28, 2023

FX Market: USD Steadies Against Trade War Concerns

Wibest – fx market: USD

The FX market saw the US dollar and its futures steadying in today’s trading. The struggling dollar is slowly and cautiously making headway in sessions.

Traders are getting more and more concerned as the conflict between the US and China escalates. The dispute keeps on affecting the global economy while bond yields continue to slip.

The US dollar index or DXY slightly inched up by 0.02%, or 0.02 points, in sessions. And the US dollar index futures for September 19 or DXU9, edges up by 0.05%, or 0.051 points.

The greenback started the week in odds, trading sideways against other currencies. But the USD later bounced back after receiving support as safe-haven Treasury yields recovered.

Traders in the FX market remain on their feet as tensions between the United States and China heighten. Just recently, Washington and Beijing threatened to add fresh tariffs on each other’s exports amounting to billions of dollars.

While both the greenback and yuan absorb the shocks from the conflict, other safe-haven assets benefit from the dispute. The Japanese yen rallied last week after receiving support from the US treasury yield curve news.

More Currencies on the FX Market

Wibest – fx market: US dollar bills.

The greenback is seen trading flat against other major currencies in today’s trading. The USD/JPY exchange pair inched up by 0.04%, or 0.05 points, in trading sessions.

The USD/JPY pair currently trades at ¥105.77, slightly higher than its last close of ¥105.72.

The CNY/USD recorded very few moments in today’s trading. The CNY/USD slipped by 0.03% and only reached levels of $0.1395 to $0.1397.

The EUR/USD trading pair went up by 0.03%, or 0.0004 points, in Wednesday’s sessions. The pair presently exchanges for $1.1094.

Meanwhile, the pound sterling didn’t share a similar fate with the euro against the US dollar. The GBP/USD traded sideways in today’s session, losing 0.11%, or 0.0013 points, in sessions.

The GBP to USD currently trades at $1.2274 compared against its previous close of $1.2287.

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