Latest news with #NationalAustraliaBank
Business Recorder
3 hours ago
- Business
- Business Recorder
Dollar lingers near six-week low
NEW YORK: The dollar hovered near six-week lows on Tuesday, as mounting evidence of economic damage from the trade war waged by President Donald Trump's administration weighed on sentiment. While global equity markets have broadly recovered in the wake of the on-again, off-again saga of Trump's tariff threats, the greenback remains firmly on the back foot. Factory and jobs data in the coming days may give further signs of the toll that trade uncertainty is wreaking on the world's biggest economy. US duties on imported steel and aluminium are set to double to 50% starting on Wednesday, the same day the Trump administration expects countries to submit their best offers in trade negotiations. 'What this whole dynamic is basically saying is trade tensions are not really improving in that regard, and we've seen the dollar getting hammered widely,' said Rodrigo Catril, senior FX strategist at National Australia Bank. 'Interestingly, the Aussie and the kiwi have been the good performers this time around.' The dollar index, which measures the US currency against six others, touched 98.58, the lowest since late April, before rising 0.5%. The dollar was up 0.26% against the yen at 143.075. The euro fell 0.44% to $1.1392, having briefly touched a six-week high of $1.1454. Data earlier showed inflation in the euro zone slowed below the European Central Bank's target of 2%, underpinning expectations for a rate cut later this week. The dollar sank broadly on Monday after data showed US manufacturing contracted for a third month in May and tariff snarls meant suppliers took longer to deliver goods. Attention now turns to US factory order numbers on Tuesday, followed by jobs data later in the week. The dollar got some respite last week, rising 0.3% after trade talks with the European Union got back on track and a US trade court blocked the bulk of Trump's tariffs. An appeals court reinstated the duties a day later, and Trump's administration said it had other avenues to implement them if it loses in court. Trump and Chinese President Xi Jinping were likely to have a call soon to iron out trade differences, Treasury Secretary Scott Bessent said on Sunday, although on Monday there was an angry rejection from China's Commerce Ministry of US accusations that Beijing violated their trade agreement. 'Trade developments remain crucial. Reports suggest China is gaining leverage over the US through its control of chip supply chains and rare earths,' ING strategist Francesco Pesole said. 'Trump and Xi Jinping are set to speak this week, and past direct talks have sometimes eased tensions. That leaves room for a positive surprise that could help the dollar at some point this week,' he said. Fiscal worries have also given rise to a broad 'sell America' theme that has seen dollar assets from stocks to Treasury bonds dropping in recent months.
Zawya
13 hours ago
- Business
- Zawya
Dollar lingers near six-week low as trade war wears on US economy
The dollar hovered near six-week lows on Tuesday, as mounting evidence of economic damage from the trade war waged by President Donald Trump's administration weighed on sentiment. While global equity markets have broadly recovered in the wake of the on-again, off-again saga of Trump's tariff threats, the greenback remains firmly on the back foot. Factory and jobs data in the coming days may give further signs of the toll that trade uncertainty is wreaking on the world's biggest economy. U.S. duties on imported steel and aluminium are set to double to 50% starting on Wednesday, the same day the Trump administration expects countries to submit their best offers in trade negotiations. "What this whole dynamic is basically saying is trade tensions are not really improving in that regard, and we've seen the dollar getting hammered widely," said Rodrigo Catril, senior FX strategist at National Australia Bank. "Interestingly, the Aussie and the kiwi have been the good performers this time around." The dollar index, which measures the U.S. currency against six others, touched 98.58, the lowest since late April, before rising 0.5%. The dollar was up 0.26% against the yen at 143.075. The euro fell 0.44% to $1.1392, having briefly touched a six-week high of $1.1454. Data earlier showed inflation in the euro zone slowed below the European Central Bank's target of 2%, underpinning expectations for a rate cut later this week. The dollar sank broadly on Monday after data showed U.S. manufacturing contracted for a third month in May and tariff snarls meant suppliers took longer to deliver goods. Attention now turns to U.S. factory order numbers on Tuesday, followed by jobs data later in the week. The dollar got some respite last week, rising 0.3% after trade talks with the European Union got back on track and a U.S. trade court blocked the bulk of Trump's tariffs. An appeals court reinstated the duties a day later, and Trump's administration said it had other avenues to implement them if it loses in court. Trump and Chinese President Xi Jinping were likely to have a call soon to iron out trade differences, Treasury Secretary Scott Bessent said on Sunday, although on Monday there was an angry rejection from China's Commerce Ministry of U.S. accusations that Beijing violated their trade agreement. "Trade developments remain crucial. Reports suggest China is gaining leverage over the U.S. through its control of chip supply chains and rare earths," ING strategist Francesco Pesole said. "Trump and Xi Jinping are set to speak this week, and past direct talks have sometimes eased tensions. That leaves room for a positive surprise that could help the dollar at some point this week," he said. Fiscal worries have also given rise to a broad "sell America" theme that has seen dollar assets from stocks to Treasury bonds dropping in recent months. Those concerns come into sharp focus this week as the Senate starts considering the administration's tax cut and spending bill, estimated to add $3.8 trillion to the federal government's $36.2 trillion in debt over the next decade. (Reporting by Rocky Swift; Editing by Sonali Paul, Jacqueline Wong and David Evans)
Business Recorder
19 hours ago
- Business
- Business Recorder
Dollar holds near six-week low as trade war wears on US economy
TOKYO: The dollar touched a six-week low on Tuesday on signs of fragility in the U.S. economy because of damage from the trade war President Donald Trump's administration is waging. While global equity markets have broadly recovered in the wake of the on-again, off-again saga of Trump's tariff threats, the greenback remains firmly on its back. Factory and jobs data in the United States in the coming days may give further signs of the toll that trade uncertainty is wreaking on the world's biggest economy. U.S. duties on imported steel and aluminum are set to double to 50% starting on Wednesday, the same day the Trump administration expects countries to submit their best offers in trade negotiations. 'What this whole dynamic is basically saying is trade tensions are not really improving in that regard, and we've seen the dollar getting hammered widely,' said Rodrigo Catril, senior FX strategist at National Australia Bank. 'Interestingly, the Aussie and the kiwi have been the good performers this time around.' The dollar index, which measures the U.S. currency against six major peers, touched 98.58, the lowest since late April, before rebounding 0.3%. The greenback rallied 0.3% to 143.21 yen. Weak dollar reprises its role as 'carry' trade funder The euro slid 0.2% after briefly touching a six-week high of $1.1454. Later in the week, the focus will be on the European Central Bank's interest rate decision and subsequent outlook. New Zealand's kiwi reached $0.6054, a new high for the year, before retreating 0.4%. The dollar index sank 0.8% on Monday after data showed U.S. manufacturing contracted for a third month in May and tariff snarls meant suppliers took longer to deliver goods. Attention now turns to U.S. factory order numbers on Tuesday, along with jobs figures due later in the week. The dollar got some respite last week, rising 0.3% after trade talks with the European Union got back on track and a U.S. trade court blocked the bulk of Trump's tariffs. An appeals court reinstated the duties a day later, and Trump's administration said it had other avenues to implement them if it loses in court. Trump and Chinese President Xi Jinping were likely to have a call soon to iron out trade differences, Treasury Secretary Scott Bessent said on Sunday, although Monday saw an angry rejection from China's Commerce Ministry of U.S. accusations that Beijing violated their trade agreement. Fiscal worries have also given rise to a broad 'sell America' theme that has seen dollar assets from stocks to Treasury bonds dropping in recent months. Those concerns come into sharp focus this week as the Senate starts considering the administration's tax cut and spending bill, estimated to add $3.8 trillion to the federal government's $36.2 trillion in debt over the next decade.
The Age
20 hours ago
- Business
- The Age
Depositors beware: Crypto ATMs are the newest way to scam you
Older Australians, who have traditionally had large targets on their backs for scammers, are now disproportionately falling prey to the growing industry of cryptocurrency ATM fraud. When someone with grey hair lines up at a mall or petrol station next to a small, weird-looking machine that resembles a cross between a Chubb safe and a monochrome ATM, alarm bells should sound. Six years ago, you would have needed to scour the landscape to find a crypto ATM, given there were only 23 in Australia. But they are now popping up like mushrooms. More than 1800 operate across the country today. To put that into perspective, that is the same number of ATMs owned and operated by the Commonwealth Bank and twice the number of those branded as National Australia Bank or ANZ. Turns out we are the third-largest host to crypto ATMs globally after the US and Canada. Loading The federal police and the financial crimes agency AUSTRAC have called out $3 million lost to scammers via crypto ATMs in a year, but they admit the real amounts are a multiple of this. The AFP describes the amount of money it knows about as the tip of the iceberg. And the problem is approaching epidemic proportions. In 2024, ReportCyber – Australia's online cybercrime reporting system operated by the Australian Cyber Security Centre – received the equivalent of one reported scam every 2½ days, each with an average loss of more than $20,000.
Sydney Morning Herald
20 hours ago
- Business
- Sydney Morning Herald
Depositors beware: Crypto ATMs are the newest way to scam you
Older Australians, who have traditionally had large targets on their backs for scammers, are now disproportionately falling prey to the growing industry of cryptocurrency ATM fraud. When someone with grey hair lines up at a mall or petrol station next to a small, weird-looking machine that resembles a cross between a Chubb safe and a monochrome ATM, alarm bells should sound. Six years ago, you would have needed to scour the landscape to find a crypto ATM, given there were only 23 in Australia. But they are now popping up like mushrooms. More than 1800 operate across the country today. To put that into perspective, that is the same number of ATMs owned and operated by the Commonwealth Bank and twice the number of those branded as National Australia Bank or ANZ. Turns out we are the third-largest host to crypto ATMs globally after the US and Canada. Loading The federal police and the financial crimes agency AUSTRAC have called out $3 million lost to scammers via crypto ATMs in a year, but they admit the real amounts are a multiple of this. The AFP describes the amount of money it knows about as the tip of the iceberg. And the problem is approaching epidemic proportions. In 2024, ReportCyber – Australia's online cybercrime reporting system operated by the Australian Cyber Security Centre – received the equivalent of one reported scam every 2½ days, each with an average loss of more than $20,000.
