The U.S. dollar fell today to its lowest level in seven weeks against a basket of currencies as high-risk currencies rose after the U.S.-China trade war escalated following the imposition of an additional 10% on Chinese goods by 200 billion dollars.
The dollar index hit its lowest level since July 31 at 94.32, slightly below an uptrend line over the daily time frame. The greenback was lower against the euro as the EURUSD hit its highest level since August 28 at 1.1723 and is currently just below a strong 4-hour resistance below 1.1717.
Sterling fell to its highest level in six weeks as traders booked their profits ahead of the EU summit later this week.
