TOKYO (Reuters) – The dollar fell from seven-week highs against the yen and the Australian dollar stumbled after Washington announced a plan to slap tariffs on $200 billion of imports from China, escalating tensions between the world’s two biggest economies.
The news, first reported by Bloomberg in early Asian trade when the currency market’s liquidity falls to the lowest levels of the day, prompted knee-jerk selling of riskier assets against less vulnerable currencies.
Dollar - Yen - Trade - Yen - US
The dollar dropped to 110.85 yen in early Asian trade from around 111.25 yen in late U.S. trade. It had hit a seven-week high of 111.355 yen earlier on Tuesday.
The yen tends to be bought at times of economic and political stress because Japan’s status as the world’s largest credit nation suggests any repatriation by Japanese investors were likely to exceed those from Japan by foreign investors.
Dollar - Week - High - Levels - Weeks
The Australian dollar slipped to $0.7424 from this week’s high of $0.7480, which was its highest levels in more than three weeks.
U.S. Trade Representative Robert Lighthizer said the United States would impose tariffs of 10...
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