The Russian Ruble is at its weakest level in nearly two years with ruble touching 66.7099. The US will be applying new sanctions for Russia’s use of a chemical agent, Novichok, to poison former Russian spy Sergei Skripal in the UK.
The US is doubling tariffs to Turkey’s metals. This has caused the Turkish Lira to drop 15%.
I have just authorized a doubling of Tariffs on Steel and Aluminum with respect to Turkey as their currency, the Turkish Lira, slides rapidly downward against our very strong Dollar! Aluminum will now be 20% and Steel 50%. Our relations with Turkey are not good at this time!
— Donald J. Trump (@realDonaldTrump) August 10, 2018
The DXY US Dollar Currency Index is at a 52 week high at 96. The strongest dollar index readings were about 154 in 1984 and 112 in 2001. Having a strong dollar versus major currencies like the Euro and the Yen have more of an impact on the index.