China pushed the dollar through the increase in customs duties
Europe continues to celebrate Catholic Easter. The U.S. dollar is trading in the red to virtually all major currencies. The Euro rose from $1,2312 to $1,2345 (p. 33). The main diver to the weakening of the U.S. dollar is a step back from China in a trade war with the United States.
China has raised customs duties on 128 products of American manufacturing in response to the recent increase in customs duties on steel and aluminum in the United States. Chinese authorities urge the United States to sit down at the negotiating table in trade in order to avoid further deterioration of Sino-us relations.
The focus of traders is a report on the us labor market. It will be released this Friday, April 6. The greatest interest in the report will cause changes in wages. With their decline, the dollar will weaken, while growth strengthened.
As of today, customers on “thin” market with the support of the crosses can get the Euro to $1,2353. News out of China revived the market, but not so much for “thin” market, as many would like. Waiting for the return of the Euro/dollar to $1,2320 the Euro is a point of balance for the time period.