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Economic Times
3 days ago
- Business
- Economic Times
Dollar holds steady after US, China reach framework deal to ease export curbs
The dollar remained stable against major currencies on Wednesday. This followed an agreement between the United States and China on a trade framework. The deal aims to resolve the trade war. Investors are watching for details. They hope it will rebuild trust between President Xi and President Trump. The market also awaits U.S. inflation data and UK's public spending plans. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads 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 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 euro was flat at $1.1427, while China's offshore yuan was little changed at 7.1881 per 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 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 erosion of investor confidence in U.S. assets has severely undermined the dollar, which is down more than 8% so far this 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 Fed is expected to hold rates steady next week, with traders pricing in nearly two 25-basis-point cuts by the end of the 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.
Economic Times
13-05-2025
- Business
- Economic Times
Dollar clings on to gains from US-China trade pact
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel The dollar held strong gains on Tuesday as investors cheered a tariff deal between the United States and China to tap the brakes on a trade war between the world's two largest economies that had fed fears of a global and Beijing on Monday announced an agreement to slash the massive tariffs they had imposed on each other for 90 days, sparking a relief rally across markets that swept up global stocks and sent the dollar surging."It's way better than the market was expecting," said Rodrigo Catril, senior FX strategist at National Australia Bank."It's just an indication of, for one, the U.S. administration is quite sensitive to the impact (tariffs are) having on the economy, and some would say there's been a serious walk back in terms of what they've done."Across currencies, the yen and the euro were among the largest losers against a resurgent dollar dollar was last down 0.1% at 148.29 yen and fetching 0.8448 against the Swiss franc, after having jumped 2.1% and 1.6%, respectively, against the two in the previous euro was up 0.1% at $1.1095, having similarly tumbled 1.4% on Monday."In terms of magnitude, I think it's fair to say that the big moves have been seen. But for scope for an extension of the moves, I think particularly the euro and the yen will have a bias for those moves to extend a little bit further over the coming weeks," said sterling was little changed at $1.3178, having fallen 1% on Australian dollar ticked up 0.04% to $0.6374 but remained not far from a two-week low. Likewise, the New Zealand dollar rose 0.08% to $0.5862, but was still pinned near a one-month a basket of currencies, the dollar hovered near a one-month high and was last at de-escalation of U.S.-China trade tensions has in turn led traders to pare back bets of Federal Reserve rate cuts , on the view that policymakers would be under less pressure to ease monetary policy to support growth. U.S. Treasury yields rose in tandem, with the two-year yield steadying near a one-month high at 3.9977%, while the benchmark 10-year yield was last at 4.4551%. [US/]Futures show markets are now pricing in just about 56 basis points worth of Fed cuts by December."The Fed has been focused on the increase in uncertainty. This will remain the case, although the announcement may remove some of the downside risk that had been prevalent had the higher tariff rates remained in effect," said David Doyle, head of economics at cryptocurrencies, bitcoin last traded at $102,590.75, after surging to its highest since January 31 in the previous eased 0.4% to $2,476.21, but was similarly not far from an over two-month high hit on Monday.
Time of India
13-05-2025
- Business
- Time of India
Dollar clings on to gains from US-China trade pact
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel The dollar held strong gains on Tuesday as investors cheered a tariff deal between the United States and China to tap the brakes on a trade war between the world's two largest economies that had fed fears of a global and Beijing on Monday announced an agreement to slash the massive tariffs they had imposed on each other for 90 days, sparking a relief rally across markets that swept up global stocks and sent the dollar surging."It's way better than the market was expecting," said Rodrigo Catril, senior FX strategist at National Australia Bank."It's just an indication of, for one, the U.S. administration is quite sensitive to the impact (tariffs are) having on the economy, and some would say there's been a serious walk back in terms of what they've done."Across currencies, the yen and the euro were among the largest losers against a resurgent dollar dollar was last down 0.1% at 148.29 yen and fetching 0.8448 against the Swiss franc, after having jumped 2.1% and 1.6%, respectively, against the two in the previous euro was up 0.1% at $1.1095, having similarly tumbled 1.4% on Monday."In terms of magnitude, I think it's fair to say that the big moves have been seen. But for scope for an extension of the moves, I think particularly the euro and the yen will have a bias for those moves to extend a little bit further over the coming weeks," said sterling was little changed at $1.3178, having fallen 1% on Australian dollar ticked up 0.04% to $0.6374 but remained not far from a two-week low. Likewise, the New Zealand dollar rose 0.08% to $0.5862, but was still pinned near a one-month a basket of currencies, the dollar hovered near a one-month high and was last at de-escalation of U.S.-China trade tensions has in turn led traders to pare back bets of Federal Reserve rate cuts , on the view that policymakers would be under less pressure to ease monetary policy to support growth. U.S. Treasury yields rose in tandem, with the two-year yield steadying near a one-month high at 3.9977%, while the benchmark 10-year yield was last at 4.4551%. [US/]Futures show markets are now pricing in just about 56 basis points worth of Fed cuts by December."The Fed has been focused on the increase in uncertainty. This will remain the case, although the announcement may remove some of the downside risk that had been prevalent had the higher tariff rates remained in effect," said David Doyle, head of economics at cryptocurrencies, bitcoin last traded at $102,590.75, after surging to its highest since January 31 in the previous eased 0.4% to $2,476.21, but was similarly not far from an over two-month high hit on Monday.
