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Malay Mail
11-06-2025
- Business
- Malay Mail
Dollar holds steady after US, China reach framework deal to ease export curbs
NEW YORK, June 11 — The dollar was steady against its major peers today, after US and China agreed on a framework for a trade agreement that investors hoped could potentially pave the way to resolving a damaging trade war between the world's two largest economies. In early Asia trading, the dollar was down 0.14 per cent against the Japanese yen at 144.770, and slipped 0.13 per cent against the Swiss franc to last change hands at 0.8218. The euro was flat at US$1.1427, while China's offshore yuan was little changed at 7.1881 per dollar. An index that measures the greenback against six other currencies was little changed and was last at 99.068. US Commerce Secretary Howard Lutnick said that US and Chinese officials concluded keenly watched talks in London that lasted for two days and agreed to put their trade truce reached last month in Geneva back on track. The framework included resolving China's export restrictions on rare earth minerals and magnets, and will also remove some US export restrictions that were recently put in place. 'The devil is going to be in the details and importantly whether this can help to reestablish trust between President Xi and President Trump, which has clearly been broken since the Geneva Agreement was published,' said Ray Attrill, head of FX strategy at National Australia Bank. 'But it's way too early to say that we know we're in the midst of establishing a cast iron, new US-China trade agreement.' Much of the year has been dominated by investors fretting over the likelihood that US President Donald Trump's erratic policies could tip the US economy into a recession, and in turn hurt global growth. The erosion of investor confidence in US assets has severely undermined the dollar, which is down more than 8 per cent so far this year. Later in the day, investors will closely parse a US consumer inflation report that could reflect the economic impact of tariffs on prices, potentially determining the trajectory of the Federal Reserve's monetary policy for the rest of the year. The Fed is expected to hold rates steady next week, with traders pricing in nearly two 25-basis-point cuts by the end of the year. UK's sterling was marginally higher at US$1.35 as markets awaited British finance minister Rachel Reeves' public spending plans. The currency came under pressure overnight after data pointed to a weak labour market. — Reuters
Reuters
11-06-2025
- Business
- Reuters
Dollar holds steady after US, China reach framework deal to ease export curbs
June 11 (Reuters) - The dollar was steady against its major peers on Wednesday, after U.S. and China agreed on a framework for a trade agreement that investors hoped could potentially pave the way to resolving a damaging trade war between the world's two largest economies. In early Asia trading, the dollar was down 0.14% against the Japanese yen at 144.770, and slipped 0.13% against the Swiss franc to last change hands at 0.8218. The euro was flat at $1.1427, while China's offshore yuan was little changed at 7.1881 per dollar. An index that measures the greenback against six other currencies was little changed and was last at 99.068. U.S. Commerce Secretary Howard Lutnick said that U.S. and Chinese officials concluded keenly watched talks in London that lasted for two days and agreed to put their trade truce reached last month in Geneva back on track. The framework included resolving China's export restrictions on rare earth minerals and magnets, and will also remove some U.S. export restrictions that were recently put in place. "The devil is going to be in the details and importantly whether this can help to reestablish trust between President Xi and President Trump, which has clearly been broken since the Geneva Agreement was published," said Ray Attrill, head of FX strategy at National Australia Bank. "But it's way too early to say that we know we're in the midst of establishing a cast iron, new U.S.-China trade agreement." Much of the year has been dominated by investors fretting over the likelihood that U.S. President Donald Trump's erratic policies could tip the U.S. economy into a recession, and in turn hurt global growth. The erosion of investor confidence in U.S. assets has severely undermined the dollar, which is down more than 8% so far this year. Later in the day, investors will closely parse a U.S. consumer inflation report that could reflect the economic impact of tariffs on prices, potentially determining the trajectory of the Federal Reserve's monetary policy for the rest of the year. The Fed is expected to hold rates steady next week, with traders pricing in nearly two 25-basis-point cuts by the end of the year. UK's sterling was marginally higher at $1.35 as markets awaited British finance minister Rachel Reeves' public spending plans. The currency came under pressure overnight after data pointed to a weak labour market.
Yahoo
11-06-2025
- Business
- Yahoo
Dollar holds steady after US, China reach framework deal to ease export curbs
(Reuters) -The dollar was steady against its major peers on Wednesday, after U.S. and China agreed on a framework for a trade agreement that investors hoped could potentially pave the way to resolving a damaging trade war between the world's two largest economies. In early Asia trading, the dollar was down 0.14% against the Japanese yen at 144.770, and slipped 0.13% against the Swiss franc to last change hands at 0.8218. The euro was flat at $1.1427, while China's offshore yuan was little changed at 7.1881 per dollar. An index that measures the greenback against six other currencies was little changed and was last at 99.068. U.S. Commerce Secretary Howard Lutnick said that U.S. and Chinese officials concluded keenly watched talks in London that lasted for two days and agreed to put their trade truce reached last month in Geneva back on track. The framework included resolving China's export restrictions on rare earth minerals and magnets, and will also remove some U.S. export restrictions that were recently put in place. "The devil is going to be in the details and importantly whether this can help to reestablish trust between President Xi and President Trump, which has clearly been broken since the Geneva Agreement was published," said Ray Attrill, head of FX strategy at National Australia Bank. "But it's way too early to say that we know we're in the midst of establishing a cast iron, new U.S.-China trade agreement." Much of the year has been dominated by investors fretting over the likelihood that U.S. President Donald Trump's erratic policies could tip the U.S. economy into a recession, and in turn hurt global growth. The erosion of investor confidence in U.S. assets has severely undermined the dollar, which is down more than 8% so far this year. Later in the day, investors will closely parse a U.S. consumer inflation report that could reflect the economic impact of tariffs on prices, potentially determining the trajectory of the Federal Reserve's monetary policy for the rest of the year. The Fed is expected to hold rates steady next week, with traders pricing in nearly two 25-basis-point cuts by the end of the year. UK's sterling was marginally higher at $1.35 as markets awaited British finance minister Rachel Reeves' public spending plans. The currency came under pressure overnight after data pointed to a weak labour market. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Wall Street Journal
05-06-2025
- Business
- Wall Street Journal
Asian Currencies Consolidate; Fed Rate-Cut Prospects May Support
0024 GMT — Asian currencies consolidate against the dollar in the early session. However, Fed rate-cut prospects spurred by the disappointing U.S. economic data released overnight may support. Activity among U.S. services firms sank unexpectedly in May, according to the Institute for Supply Management's PMI. ADP National Employment Report showed only 37,000 jobs were created in May, the slowest pace of private-sector hiring in more than two years. U.S. money market pricing for a September Fed rate cut is now 97% priced, NAB's Head of FX Research Ray Attrill says, citing the weak data. USD/JPY is steady at 142.77; AUD/USD is little changed at 0.6494. (
Khaleej Times
26-05-2025
- Business
- Khaleej Times
Euro vaults to one-month high after Trump U-turn on EU tariffs
The euro hit a one-month high against the dollar on Monday, after U.S. President Donald Trump backed down from threatened 50% duties on European Union shipments from June 1, after the bloc asked for time to "reach a good deal." The dollar continued its decline against a broad swathe of other currencies as Trump's policy reversals, as well as his sweeping spending and tax-cut bill currently in legislation, turned investors off from U.S. assets. "The 'Sell America' theme, which obviously was the dominant theme back in April, is back on show," said Ray Attrill, head of FX research at National Australia Bank. "Markets have probably taken the view - and probably rightly so - that where we land eventually on a tariff situation between the U.S. and the EU is not going to be at 50%, but how we get there is frankly anybody's guess at the moment." The euro climbed as much as 0.55% to reach $1.1418 for the first time since April 29. It was last up 0.36% on the day at $1.1394, bringing gains for the year so far to 10%. Sterling rose by 0.39% to its highest level since February 2022 and was last up 0.25% on the day at $1.3574. The safe-haven yen and Swiss franc were overall weak as market sentiment improved, but they still appreciated against the U.S. dollar. The greenback slipped as much as 0.24% to 142.23 yen , the lowest level this month, and edged to a 2-1/2-week low of 0.8193 franc. The U.S. dollar index, which tracks the currency against six other currencies, sank 0.15% to 98.93, extending last week's 1.9% decline. Trump announced the decision to put off EU tariffs until July 9 on Sunday, following a call with European Commission President Ursula von der Leyen, who asked for more time to reach an agreement. July 9 is the end of the 90-day pause on Trump's April 2 "Liberation Day" levies on the EU and most other trade partners. The de-escalation, just two days after Trump issued the threat, is a stark reminder of how suddenly U.S. trade policy can turn, even as it encouraged investors that deals can be struck and calmed worries about a global downturn. "Following Trump's latest U-turn, we will, of course, have to wait and see what happens next. It is possible that a deal with the European Union will be reached by 9 July," Commerzbank currency strategist Michael Pfister said. "However, it is questionable what has changed in terms of the fundamental problems following a phone call. One thing should be clear after Friday's announcement: the brief respite from tariffs that we enjoyed was only temporary," he said. In a possible nod to fiscal worries among investors, Trump also said on Sunday that his sweeping spending and tax cut bill is likely to see "significant" changes in the Senate. The House of Representatives' version of the tax bill is calculated to add about $3.8 trillion to the federal government's $36.2 trillion in debt over the next decade, according to the Congressional Budget Office. "What seems clear from the reconciliation bill ... is that Trump and (Treasury Secretary Scott) Bessent have shifted tactics, swiveling hard from fiscal conservatism and reduced spending to an outright pro-growth policy stance," said Chris Weston, head of research at Pepperstone. "It is fast becoming a consensus view that the USD is on the path to a multi-year decline."
