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Forex: USD continues to climb, Sterling down on Brexit pressure

Investing.com – The U.S. dollar continued to climb Tuesday morning in Asia, rising to highs not seen since April 2017.

The US Dollar Index that tracks the greenback against a basket of currencies was up 0.33% to 99.25.

The climb in the dollar matched declines in the British pound, which took a hit after Prime Minister Boris Johnson asked parliament to vote against any delays to his Brexit plan. He wants Brexit to happen by Oct. 31. The GBP/USD pair was down 0.11% to 1.2052.

The USD/JPY pair traded up 0.11% at 106.33 by 10:20 PM ET (02:20 GMT).

For its part, the People’s Bank of China (PBoC) set the reference rate for the yuan at 7.0884, compared to a previous close of 7.1717. The yuan remains at 11-and-a-half year lows.

The yuan remains weak against the dollar, with the former losing ground and the later strengthening. On Sunday, tariffs of 15% on USD110 billion of Chinese imports took effect while retaliatory tariffs from China also kicked in.

U.S. markets were closed Monday for the Labor Day holiday.

The AUD/USD pair was down 0.19% to 0.6700 and the NZD/USD pair traded down 0.33% to 0.6286. A monetary policy decision was expected out of Australia on Tuesday.

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