The dollar is picking up as investors look for a safe haven

Economy and stock exchange

News and indicators have caused Asia to be affected by the ongoing US-China trade dispute, as some investors are buying the US dollar as a safe haven amidst market confusion.

Poor economic data from Singapore and Thailand have unexpectedly raised concerns that Asia's major economies will be hit by global trade tensions.

Australian Reserve Bank Governor Philip Lowy said Tuesday that the bank would consider cutting interest rates at a policy committee meeting in June, prompting the Australian dollar to drop 0.5 percent to hit 0.6873 US dollars.

The US dollar hit a two-and-a-half week high against a basket of six major currencies, up 0.2% to 98.11 in early European trade. By contrast, the euro, which accounts for a large part of the basket, recorded a two-and-a-half week low at $ 1.1144.

The pound fell from the $ 1.27 level for the first time since mid-January, ahead of the British government meeting, during which ministers will discuss a parliamentary vote on options for withdrawal from the European Union (BRIC).

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. (tagsToTranslate) USD (t) Investors (t) Economic News (t) Commercial Dispute (t) United States (t) US Dollar