Forex- US Dollar Inches Up as Trade War Tensions Rise

© Reuters. The dollar inched forward on Friday.

Investing.com - The U.S. dollar inched up against a basket of other currencies on Friday as trade tensions continued between the U.S. and China.

The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose 0.02% to 90.14 as of 5:07 AM ET (9:07 GMT), not far from its earlier high of 90.27.

U.S. President Donald Trump , prompting investor worry of a trade war between the two biggest countries in the world.

On Thursday Trump said he was asking the United States Trade Representative to consider $100 billion more in tariffs as a retaliation against China.

China announced two sets of tariffs this week in a tit-for-tat against technology, steel and aluminium tariffs imposed by Trump.

The dollar fell to 89.99 after the news.

Traders were also looking ahead to the latest and comments from Federal Reserve Chairman Jerome Powell on Friday, which could help determine the direction of the dollar.

The dollar rose against the safe haven yen, with gaining 0.02% to trade at 107.41. In times of uncertainty, investors tend to invest in the Japanese yen, which is considered a safe asset during periods of risk aversion.

The euro was at a one-month low, with falling 0.05% to 1.2235. Meanwhile inched up 0.03% to 1.4006.

Elsewhere, the Australian dollar was flat, with at 0.7684, while slumped 0.38% to 0.7247.

In Canada, the loonie fell, with rising 0.24% to 1.2781.

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