Showing posts with the label Currencies I CNBC

Currencies I CNBC

Image Dollar hits 2-week high on US-China trade fears CNBC Dan Kitwood | Getty Images The dollar rose on Friday to a two-week peak against a basket of currencies after data showing a record Chinese trade surplus, which may add fuel to U.S.-China trade tensions, spurring more investors to pile into the safety of the greenback. Upbeat comments on the U.S. economy from Federal Reserve Chairman Jerome Powell also stoked demand for the dollar, analysts said. The yen fell to a six-month trough against the greenback. The euro and yuan also weakened against the U.S. currency. "It's hard to see what's going to dethrone the dollar," said Paresh Upadhyaya, director of currency strategy at Amundi Pioneer Investments in Boston. "Trade war concerns amplify the downside risk on global growth. That tends to be positive for the dollar and puts a drag on other currencies," Upadhyaya said. In afternoon tra