In the coming week, China will ask World Trade organization to impose sanctions on the United States for not complying with the ruling in a dispute over dumping duties.
China had started in 2013 complaining dumping charges from the United States in many industries. Trump had previously said the United States might withdraw from the World Trade Organization. China informed the organization that the deadline for U.S. compliance ended on August 22.
The US dollar fell during today's trading to reach its lowest level since September 7 at 94.88 rebounds from the uptrend line on the 4-hour chart and currently trading at levels of 95.23.
The pound rose strongly yesterday after statements by Michel Barnier, chief European negotiator that the Brexit deal could be reached within 6-8 weeks as negotiators were realistic in their demands. The pound rose more than 1% to a 5-week high of 1.3051 yesterday before continuing rising today to the 1.3086 high after the UK's positive employment data.
Also, the euro rose as fears about Italian debt eased, boosting the single currency. The euro hit its highest level against the U.S. dollar since September 7 at 1.1643 before retreating below 1.16.
With the approach of the application of U.S. sanctions on Iran, oil prices rose slightly during today's trading to reach levels of 67.78 dollars a barrel.
United States is trying to make the top producers to maintain high levels of production after meeting U.S. Secretary of Energy with his Saudi counterpart and also scheduled to meet with the Russian Energy Minister on next Thursday.
