Dollar below one-year highs on Trump comments; yuan eyed

23 July, 2018, 13:19 | Author: Teresa Adams
  • US dollar down on as Trump makes fresh threats vs China

Friday's losses came a day after Trump had also said he was concerned that the "Chinese currency was dropping like a rock", he did not like rising USA interest rates and that the strong USA dollar "puts us at a disadvantage". The dollar fell after President Donald Trump said China is manipulating its currency. Yields on Treasuries climbed the most since May as Trump reiterated that he's unhappy with the Federal Reserve tightening after the administration has worked so hard to grow the economy.

USA equity futures turned lower after Trump's comments, and the VIX volatility index - known as the "fear gauge" - rose to its highest level since July 11. It is supposed to encourage investors to buy USA debt in the knowledge that the United States administration won't deliberately weaponise the greenback and debase its currency. Earlier this month the US placed import taxes on $34 billion in goods imported from China and Beijing responded in kind.

Giving companies access to yuan may make it easier for them to do business with China, but it's unlikely to bolster the naira much, according to Omotola Abimbola, a bond and currency analyst at Ecobank Transnational Inc.

These comments will make for an interesting G20 finance ministers meeting this weekend in Buenos Aires, but it does appear that not only do we appear to be heading for a trade war, but it also looks like currencies are about to be brought onto the field of battle as well, as the U.S. administration tries to limit the effects of its own fiscal stimulus.

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The Central Bank of Nigeria (CBN) has started the trading of Yuan for the first time after the country secured a Naira-Yuan currency swap deal. -China trade tensions and supply increases. The pan-European STOXX index and Germany's DAX, which is highly exposed to trade and China, were down 0.2 percent and half a percent respectively. It was last up 0.08 percent. The Nasdaq composite gave up 5.10 points, or 0.1 percent, to 7,820.20.

After falling 0.4 percent, MSCI's index of Asia-Pacific shares outside Japan ended the day 0.6 percent higher as the yuan rebounded.

Europe's autos sector extended falls, down almost 2 percent after Trump's comments and set for their biggest losses day for three weeks. Brent crude rose 16 cents to $73.23. Most subsectors were lower, including health-care, which suffered from a drop in many cannabis stocks.

The slide comes amid a deepening U.S.

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The earlier-than-expected U.S. proposal of a 10 per cent tariff on an additional US$200 billion of Chinese imports raises the chance that this previously noted risk becomes imminent (as early as September), reducing Chinese GDP growth forecasts by 0.2pp and 0.1pp this year and next, respectively, without allowing for second round effects or further escalation.

The MSCI All Country World Index, which tracks shares in 47 countries, was up a little over 0.1 percent, and set to end the week flat after two consecutive weekly gains. Britain's FTSE 100 gave up 0.1 percent.

The US dollar bought 111.55 Japanese yen, lower than 112.47 Japanese yen of the previous session.

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Benchmark 10-year US notes last fell 13/32 in price to yield 2.895 percent, from 2.847 percent late on Thursday.



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