US dollar declines amid trade tensions

New York: The US dollar index decreased against most other major currencies as investors monitored the latest development of US-China trade conflicts.

In late New York trading on Wednesday, the euro increased to $1.1618 from $1.1594 in the previous session, and the British pound was down to $1.2892 from $1.2935 in the previous session, Xinhua news agency reported.

The Australian dollar rose to $0.7438 from $0.7423.

The US dollar bought 110.97 Japanese yen, lower than 111.42 Japanese yen of the previous session. The US dollar decreased to 0.9929 Swiss franc from 0.9956 Swiss franc, and it dipped to 1.3010 Canadian dollars from 1.3066 Canadian dollars.

The Chinese Ministry of Commerce announced on Wednesday a 25 per cent charge on $16 billion worth of US goods, including auto and crude oil.

The announcement came after the US government released a finalized list of $16 billion worth of Chinese goods that will be charged with higher tariffs.

Meanwhile, the British pound was in focus as it dropped to its weakest level against the US dollar in about a year, amid fears over the UK’s exit from the European Union.

The dollar index, which measures the greenback against six major peers, decreased 0.13 percent at 95.061 in late trading.