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US dollar rises amid falling safe-haven currencies

New York, Aug 7 (IANS) The US dollar rebounded on Tuesday, amid falling safe-haven currencies including the Japanese Yen and the Swiss franc, after China’s central bank said on Tuesday that it would not use currency as a tool to deal with trade disputes.

The dollar index, which measures the greenback against six major peers, rose 0.12 per cent at 97.6393 in late trading, Xinhua reported.

In late New York trading, the euro fell to $1.1200 from $1.1202 in the previous session, and the British pound rose to $1.2152 from $1.2141 in the previous session. The Australian dollar fell to $0.6756 from $0.6760.

The US dollar bought 106.53 Japanese yen, higher than 106.03 Japanese yen of the previous session. The US dollar was up to 0.9768 Swiss franc from 0.9736 Swiss franc, and it increased to 1.3279 Canadian dollars from 1.3217 Canadian dollars.

The global foreign exchange (forex) markets switched on a risk-off mode in the wake of the US threat of imposing an additional 10 per cent tariff on $300 billion worth of Chinese goods starting September 1.

The US labeling of China as a currency manipulator late Monday has triggered broad opposition in the global financial communities.

A statement of the People’s Bank of China (PBOC) on Tuesday, which said China will not use the currency as a tool to deal with trade disputes, has pacified the global forex markets, easing demand for safe-haven currencies including the Japanese Yen and the Swiss franc.




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