Evergreen buck is steady
On Friday, the major US currency was still steady, and the British pound dived a bit…
Evergreen buck revives on probable American tariff exemptions
On Thursday, the evergreen buck revived, getting support from upbeat labor market data as well as the White House telling that Mexico and Canada and also other countries, might dodge planned American import tariffs on aluminum and steel.
Additionally, on the FX markets, the common currency trod water prior to a European Central Bank gathering, which is generally anticipated to leave policy rates intact, while probably providing clues to the future.
The major US currency had slumped abruptly reacting to Tuesday’s resignation the leading economic advisor to the White House, Gary Cohn who was considered to be a strong opponent of protectionism in the Trump administration.
Apparently, his departure had strengthened fears of a probable global trade conflict if Trump proceeded with proposals for duties on all imports of such metals as aluminum and steel.
As for broader financial markets, they were relatively calm, with Wall Street paring drops overnight, right after the US government increased the overall possibility of exemptions. Moreover, some dealers have even bet on the likelihood that the tariff threat turned to be a negotiating ploy in trade negotiations with neighbors.
Trump intention to provide Canada and Mexico with a 30-day exemption from planned duties on aluminum and steel imports that could be expanded built around progress in negotiations on amending the North American Free Trade Agreement, as a White House representative told on Wednesday.
The greenback’s revival was powered by Wednesday's data on American private hiring as well as labor costs, which backed the view of underlying strength in the US economy.
The evergreen buck stood still, sticking to 106.040 yen, having dived to 105.450 yesterday, reacting to Cohn's departure.
Versus a basket of six crucial currencies the US dollar index stood still being worth 89.585, drifting away from a two-week dip of 89.407 yesterday.
Similar
Japanese yen drifts away from two-week maximum
On Friday, the Japanese yen drifted away from a two-week maximum versus the evergreen buck after North Korea told that it was still open for negotiations with the United States…
British pound and euro dive after the release of weak economic reports
On Wednesday, the euro and British pound approached their five month-lows after the disappointing economic reports…
Popular
America will probe German and Japanese car makers over alleged patent violations
America’s on the verge of starting an investigation into whether thermoplastic components utilized in some Japanese as well as German vehicles sold in the country violate its patent laws or not…
Gold edges down toward 3-week minimum after Congress hits spending deal
On Monday, gold headed south in European trade, making its way toward a three-week minimum after American congressional leaders came to an agreement to fund the government via the fall, thus easing worries as for a shutdown of the federal government…
Crude edges down in Asia on Caixin PMI
On Tuesday, crude prices traded weaker because a poll on Chinese manufacturing came in weaker than expected and market participants looked ahead to American inventories on oil as well as refined products to set the overall tone…
Deposit with your local payment systems
