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The US dollar edged lower against the euro and fell to the lowest in nearly three weeks against the risk-sensitive Aussie on Wednesday, as investors did not rush to buy the greenback on the latest round of tariffs by China and the United States. The euro was 0.14 percent higher against the greenback.
The Australian dollar, seen as a proxy for China-related trades as well as a barometer of broader risk sentiment, was 0.69 percent higher, the highest since August 30. "The market reaction seems to suggest that the tariff announcement was overall on the soft side of market expectation," said Alvise Marino, an FX strategist at Credit Suisse in New York.
Risk appetite held up across markets. Emerging-market currencies firmed, led by the Indian rupee after China said it would not retaliate with competitive currency devaluations. Heightened trade-related tensions in recent months have been generally supportive of the US dollar versus currencies viewed as riskier.
The trade war escalated as US President Donald Trump levied tariffs on $200 billion worth of Chinese goods and Beijing retaliated with duties on about $60 billion worth of US goods. Sterling was up moderately against the dollar, having erased most early gains after The Times reported that Theresa May had rejected an improved offer from the EU to solve the Irish border issue.

Copyright Reuters, 2018

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