The Euro US Dollar (EUR/USD) exchange rate rose by 0.6{44fce211ee823dce8df57fe9eda1048e896aed22263a2fa7ac14e11a97d2350d} today, leaving the pair trading around $1.118.

The US Dollar (USD) fell against the Euro (EUR) today following heightened US-China trade tensions, with China reacting in a perceived retaliation following Beijing’s lowering of the Chinese Yuan in the wake of last week’s fresh US tariffs on Chinese imports.

Claudio Piron, a Strategist at Bank of America Merrill Lynch Global Research, commented:

‘I think this is clearly a retaliation that in the past China has refrained from doing… If we go for currency war and we all try to depreciate, it’s a kind of zero-sum game.’