Dollar extends gains on safe-haven demand

The US Dollar rose against most major currencies on Tuesday, extending gains on higher demand levels for the currency as a safe haven following yesterday's US decision, which escalated geopolitical concerns.

The administration of US President "Donald Trump" has announced yesterday to stop any waivers granted to Iran's oil importers in order to reduce Tehran's exports to zero, as described by the United States Secretary of State, Mike Pompeo.

On the other hand, the European Union imposed tariffs on products from the Harley Davidson motorcycle company, which could result in a trade war between Washington and Brussels.

This comes despite the positive atmosphere surrounding trade negotiations between the United States and China, which haven't produced in any tangible results yet.

In terms of trading, the dollar index (against a number of major currencies) rose by 0.4% to 97.6 points at 16:47 GMT, reaching a high of 97.7 points and a low of 97.2 points.

Its worth mentioning that the rise in the dollar puts pressure on the performance of commodities and metals, which is evident in the decline of gold today.