Dollar falls broadly on renewed Sino-American trade tensions
The greenback ended lower across the board on Tuesday on renewed US-China trade concerns after President Donald Trump said a trade deal with China may be delayed until after the 2020 presidential election.
Commerce Secretary Wilbur Ross’ remarks that planned tariffs on Chinese imports will be imposed on December 15th unless there is a major breakthrough in trade negotiations which triggered selloff in U.S. Treasury yields, where the benchmark 10-year was down 13.9 basis points, at 1.6968%, posting the largest daily drop since May 2018 as well as U.S. equities, where all three indices were down more than 1%. Read more”¦
US-China phase-1 trade deal still said to be moving forward despite recent Trump rhetoric
– Headline roulette on trade news whips markets
– Renewed US-China trade worries began the session but some calm restored on reports a phase 1 deal remained on course despite recent Trump rhetoric and US Congressional bill passage on Chinese matters
– The major European PMI Services data saw upward revisions to aid a feeling of stabilization in the region (Beats: Euro Zone, Germany, Spain; Misses: France, Italy) Read more…
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