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Forex - U.S. Dollar Surges to 14-Month High Amid Geopolitical Tensions

ForexAug 10, 2018 10:47AM ET
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© Reuters. The U.S. dollar was higher on Friday.

Investing.com - The U.S. dollar was stronger against other currencies Friday, rising near a 14-month high as political tensions pulled the euro and Turkish lira lower.

The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, increased 0.61% to 96.04 as of 10:46 AM ET (14:46 GMT).

The Turkish lira fell to an all-time low against the dollar after U.S. President Donald Trump announced he would double tariffs on steel and aluminum from Turkey. The two counties have been in a diplomatic spat over the detention of an American pastor in Turkey.

Turkish President Tayyip Erdogan brushed off concerns, saying it was just a campaign against Turkey and urged Turks to exchange gold and dollars into lira.

USD/TRY surged 15.02% to 6.3488, not far from an all-time high of 6.6170 earlier in the session.

The Russian ruble was also weaker, with USD/RUB rising 0.85% to 67.2560, its lowest level since March 2016, after the U.S. imposed fresh sanctions against the Kremlin for its alleged part in poisoning a former British spy and his daughter in the U.K.

The dollar was lower against the safe-haven yen, with USD/JPY decreasing 0.27% to 110.77. In times of uncertainty, investors tend to invest in the Japanese yen, which is considered a safe asset during periods of risk aversion.

The lower Turkish lira pushed the euro lower, with EUR/USD falling 0.88% to a 14-month low of 1.1426. Sterling was also lower with GBP/USD, down 0.44% to 1.2770.

Meanwhile the Australian dollar was down, with AUD/USD slumping 0.88% to 0.7308, while NZD/USD was down 0.06% to 0.6609. The loonie was lower against the greenback, with USD/CAD up 0.31% to 1.3088.

Forex - U.S. Dollar Surges to 14-Month High Amid Geopolitical Tensions
 

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