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U.S. Dollar Moves To The Downside As Trump Plans New Tariffs

After moving to the upside in the morning, the value of the U.S. dollar came under pressure over the course of trading on Thursday.

The U.S. dollar is currently trading at 107.42 yen compared to the 108.78 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.1092 compared to yesterday's $1.1076.

The downturn by the dollar came as U.S. President Donald Trump announced plans to impose a 10 percent tariff on the remaining $300 billion worth of Chinese imports.

Trump revealed the plan shortly after U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin wrapped up the latest round of trade talks in Shanghai.

The president accused China of failing to follow through on pledges to buy large quantities of U.S. agricultural products and stop the sale of Fentanyl to the U.S.

The greenback had moved higher earlier in the day as weaker than expected U.S. economic data resurrected investors' hopes for future interest rate cuts by the Federal Reserve.

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