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Dollar remains on the back foot due to market jitters of continued trade tensions

Written by AceTrader Team | 2018-03-07 02:23:00 GMT

Dollar remains on the back foot due to market jitters of continued trade tensions

The greenback was generally lower against majority of its peers on Tuesday as continued tension on U.S. trade tariffs pressured the dollar.   
  
Versus the Japanese yen, despite initially climbing to 106.46 at Asian morning, dollar retreated and tumbled to session lows of 105.86 in Europe on Bank of Japan Governor Kuroda's comments before rebounding strongly to 106.43 ahead of New York open. However, renewed selling pressured price to 105.91 in New York morning and price later moved narrowly in subdued New York afternoon.  
  
Bank of Japan Governor Haruhiko Kuroda said; 'BOJ will continue to take all necessary steps to achieve price goal; BOJ is doing brainstorming on how a future exit could affect its balance sheet; prices keeping momentum, steadily proceeding path towards 2 pct target.'  
  
Reuters reported Bank of Japan Governor Haruhiko Kuroda said on Tuesday it was necessary to exchange views with overseas central banks in the event the BOJ exits ultra-loose monetary policy.  
  
Despite falling to session lows of 1.2329 at European open, the single currency erased intra-day losses and jumped to 1.2414 ahead of New York open on news that tensions has eased between South and North Korea before retreating to 1.2387 on Fed's Kaplan comments. However, renewed buying emerged and lifted price to session highs of 1.2420 in New York before moving in New York afternoon.  
  
Reuters news, Dallas Fed President Robert Kaplan said; 'Fed should get started soon on tightening policy; base case on rate hikes hasn't changed, it is three for this year; we think the unemployment rate will go below 4 pct this year; we are either at or beyond full employment now.'  
  
The British pound initially edged up to 1.3862 in Asia before renewed selling pressured price to 1.3817 at European morning. However, cable erased intra-day losses and rallied to 1.3930 ahead of New York open on North Korea's news of potential denuclearisation before retreating to 1.3872 in New York. Price later edged higher in tandem with euro to 1.3899.  
  
In other news, Reuters reported the most powerful member of the U.S. House of Representatives said on Tuesday that President Donald Trump's planned tariffs on steel and aluminum imports are too broad and open the country to possible retaliation, adding that he encouraged the White House to more narrowly focus its approach.  
  
On the data front, in a report, the U.S. Census Bureau said factory orders declined by a seasonally adjusted 1.4% in January, compared to expectations for a drop of 1.3%.  
  
Data to be released on Wednesday:  
  
Australia AIG manufacturing index, GDP, Japan conincident indicator, leading indicator, France, current account, trade balance, imports, exports, EU GDP, U.S. MBA mortgage application, ADP employment change, goods trade balance, and Canada housing starts, exports, imports, BoC rate decision, rate statement  
  

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