Mubasher: US dollar went up on Wednesday as concerns over the trade feud between Washington and Beijing came to the forefront, following a trade agreement between the US and Mexico.

At 8:00 am GMT, the US dollar index, which traces the currency against six major currencies, ticked up 0.2% to 94.884.

By 9:32 am GMT, the index rose 0.15% to 94.8620.

The greenback traded at 94.434, the lowest level seen since 31 July, during the preceding session, as investors unwound safe-haven bets on the currency after the US and Mexico forged on Monday a trade deal to overhaul the North American Free Trade Agreement (NAFTA).

“The real fight is likely still ahead and it will not be long before investor attention shifts back to the more concerning conflict with China,” MUFG currency strategist Lee Hardman told Thomson Reuters.

It is worth noting that the deadline for public comment on US President Donald Trump’s duties on another $200 billion list of Chinese imports is on 5 September, while the new measures would possibly come into effect later in the month.

The euro (EUR) ticked down 0.2% to $1.1663 against the USD as concerns over Italy’s public deficit exceeding the European Union’s (EU) 3% gross domestic product (GDP). The decline came after rising three consecutive sessions.

By 9:28 am GMT, the EUR/USD pair fell 0.26% to 1.1665, while the GBP/USD pair inched up 0.04% to $1.2878.

The Swedish krona (SEK) lost 0.49% against the greenback to SEK 9.1824 at 9:43 am GMT, while the Swiss franc (CHF) went down 0.04% to CHF 0.9767.