Dollar firm vs yen; market shrugs off China tariff hike, awaits talk results

TOKYO - The dollar was steady against the safe-haven Japanese yen on Friday, taking in stride the hike in U.S. tariffs on Chinese goods that went into effect and awaiting resumption of talks between top officials of the world’s two largest economies.

U.S. President Donald Trump’s tariff increase to 25 percent from 10 percent on $200 billion of Chinese goods kicked in on Friday, and Beijing said it would strike back, increasing tensions as the two sides pursue last-ditch talks to try salvaging a trade deal.“The tariff hike going into effect wasn’t a surprise in itself,” said Shusuke Yamada, chief Japan FX and equity strategist at Bank Of America Merrill Lynch.

“The dollar is clearly on a downtrend against the yen, both in terms of technicals and flows,” said Yuki Ishizuki, senior currency strategist at Dalian Securities. Against the Swiss franc, the dollar was a shade weaker 1.0140 after dropping roughly 0.5 percent the previous day, when it touched a one-month low of 1.0122 francs.The euro added 0.15 percent to $1.1229 after touching a one-week peak of $1.1251 the day before.

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