U.S. Dollar Rises as NAFTA Talks Continue
Investing.com - The U.S. dollar pushed higher against other currencies on Friday, as NAFTA revision talks between America and Canada were ongoing.
The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, rose 0.19% to 94.82 as of 10:13 AM ET (14:13 GMT).
Investors are watching trade negotiations between the U.S. and Canada ahead of a deadline at the end of the day. The U.S. reached a deal with Mexico on Monday and has given Canada until Friday to join in the new trade deal.
The loonie was lower against the dollar, with USD/CAD increasing 0.43% to 1.3040.
Other trade tensions continued to put pressure on the dollar, with China warning on Friday that putting pressure on Beijing wouldn’t work. U.S. President Donald Trump wants to move ahead with a plan to impose tariffs on $200 billion worth of Chinese goods when the public comment period ends next week.
Meanwhile, the European Union offered to eliminate tariffs on cars, but Trump said the offer was “not good enough.” Trump has threatened to impose a 25% tariff on all vehicles, with the EU threatening to retaliate.
Trade is expected to be light ahead of the Labor Day weekend, with markets closed on Monday.
The dollar was lower against the safe-haven yen, with USD/JPY decreasing 0.16% to 110.81.
The euro and sterling were pushed lower from the stronger dollar, with EUR/USD falling 0.26% to 1.1636 and GBP/USD decreasing 0.34% to 1.2968.
The Turkish lira rose against the greenback after a cut in taxes on lira bank deposits. USD/TRY fell 0.64% to 6.5813.
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