US President Trump addressing a rally says China wants to talk

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Forex – U.S. Dollar Falls as Trump Ramps up Currency War Talk

Investing.com – The U.S. dollar turned down Wednesday after President Donald Trump launched another broadside against the euro zone and China, accusing of them of engaging in competitive devaluations to “take advantage” of the U.S.

His comments are the clearest hint yet that the administration considers itself in a ‘currency war’ with major trading partners, something that analysts fear could deal further blows to global business confidence and trade.

“These people are devaluing their currency because they’re not doing well against us,” Trump told Fox Business News in an interview. “So they devalue and we can’t. We are no longer on a level playing field.”

Trump had earlier again voiced frustration with Federal Reserve Chairman Jerome Powell for not cutting interest rates, less than a day after Powell said in a speech that the Fed still wanted to see how badly the economy is slowed down by the ongoing trade war with China. Powell’s comments had helped lift the dollar from a three-month low, which it hit last week after the central bank opened up the door for rate cuts this year.

The , which measures the greenback’s strength against a basket of six major currencies, rose 0.1% to 95.713 by 10:39 AM ET (14:39 GMT).

Trump told Fox that Powell was doing “a bad job” in not cutting rates, and compared him unfavorably to European Central Bank President Mario Draghi, who said last week that the Eurozone economy would need further stimulus if inflation failed to pick up.

“We should have Draghi instead of our Fed person, you know,” Trump said.

The which measures the greenback against a background of currencies, fell around a quarter of a percent after the interview, after having risen overnight on the back of Powell’s comments. By 1 PM ET (1600 GMT), it was at 95.583, down 0.1% on the day.

The dollar had risen earlier in the day after Treasury Secretary Steve Mnuchin said a U.S.-China trade deal is “90% complete.” Separately, Trump told Fox that he is “very happy” with the current trade situation with China.

Trump and Chinese President Xi Jinping are due to meet Saturday on the sidelines of the G20 summit and traders are hoping the two will avoid escalating trade tensions.

Official U.S. comments contrasted with some voices out of China. Hu Xijin, editor-in-chief of the Global Times, an English-language mouthpiece for Beijing, tweeted that “No Chinese official now speaks with such optimism. With dozens of hours left before Xi-Trump summit, Chinese state media has been keeping criticizing the U.S. harshly, a situation that never happened in the previous China-U.S, summits.”

Elsewhere, the euro was up 0.2%, with up at $ 1.1383, while was flat at $ 1.2693 and fell 0.4% to 1.3110.

Earlier, there had been little reaction to the day’s big data release. for May fell by 1.3%, well below expectations, although the news was leavened by the fact that orders, which strips out the volatile transportation sector, rose 0.3%.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Mnuchin Downplays Talk With China’s Yi, No Breakthrough Seen

© Reuters.  Mnuchin Downplays Talk With China's Yi, No Breakthrough Seen © Reuters. Mnuchin Downplays Talk With China’s Yi, No Breakthrough Seen

(Bloomberg) — Treasury Secretary Steven Mnuchin said the U.S. remains open to continued negotiations with China on trade — just don’t expect any break through this weekend.

Mnuchin is scheduled to meet with China’s top central banker, Yi Gang, on the sidelines of the Group of 20 finance ministers’ summit in Japan this weekend, giving him a chance to break an impasse after talks broke down last month.

He pointed out that “this is not a negotiating meeting,” even as he signaled a willingness to get talks rolling again.

“If they want to come back to the table and have a real agreement we will negotiate. If not, we’ll go forward with our plan” to impose more tariffs, Mnuchin said during a briefing Saturday in Fukuoka, Japan.

Asked about China’s currency, he attributed its recent decline to market forces and the absence of intervention. “When you have intervention in a market for a long period of time and then they don’t intervene, the market could view that as a desire to have the currency weaken,” he said.

The Treasury Department issued its semi-annual foreign-exchange report to Congress last week, in which no country was named as a manipulator. China remains on its watch-list.

Trade Impasse

U.S. and Chinese talks broke down last month, which Mnuchin has said happened because Beijing reneged on provisions of a tentative deal. President Donald Trump raised tariffs on about $ 200 billion in Chinese imports to 25% in response, and at the time hung out the possibility of further action.

China has blamed the U.S. for the breakdown and vowed to reciprocate for the increased tariffs in various ways. The country has hinted at cutting off the U.S. supply of rare earth elements and is also hitting America’s education and tourist sector by announcing visa restrictions.

“I don’t think it’s a breakdown in trust,” Mnuchin said, referring to U.S.-China talks reaching stalemate last month.

Trump has said he’ll decide whether to enact tariffs on another $ 325 billion in Chinese imports after the G-20 leaders’ summit in Osaka at the end of the month, where he’s expected to meet with Chinese President Xi Jinping. The “main progress” will be at that meeting, Mnuchin said Saturday.

China’s central bank governor, Yi Gang, said in a Bloomberg interview his meeting with Mnuchin will be a “productive talk, as always,” though the topic of the trade war would be “uncertain and difficult.”

Winners and losers

While the trade war has unnerved investors, U.S. economic growth has continued. The unemployment rate is the lowest since 1969 and so far inflation data shows that consumers haven’t felt pressure from rising prices.

”People talk about the economic risk of trade wars” however “they should be even more focused on the benefits of having a great trade agreement,” Mnuchin said, noting that there’s no evidence of the U.S. economy taking a hit from tariffs.

“If anything I would say as a result of tariffs on China there are a lot of companies that are moving that production to other countries that I think will be a big boom for those economies, there will be winners and losers, there are clearly countries that will be big beneficiaries on movement” of production, he said.

Not everyone is as sanguine about the economic impact of the trade tensions.

In separate comments this week, Fed Chair Jerome Powell and his No. 2, Richard Clarida, reassured nervous investors they’re watching closely for signs that disputes between the U.S. and its trading partners are denting the outlook for the world’s largest economy. Their remarks moved the Fed slightly closer to its first rate cut since 2008.

Mnuchin heads into his meeting with Yi after a week of globe-trotting with Trump. On Monday he attended a banquet at Buckingham Palace in London, escorted in by Kate Middleton, the Duchess of Cambridge. Later in the week he visited France to pay tribute to veterans who stormed the beaches of Normandy 75 years ago during World War II.

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Forex – Dollar Hits 3-Week High on Huawei Relief, RBA Rate Talk

© Reuters.  © Reuters.

Investing.com — The dollar hit a fresh three-week high against its developed-market peers in early trading in Europe Tuesday, after Federal Reserve Chairman indirectly argued against cutting interest rates in the near term due to the already-high level of corporate debt.

“Business debt has clearly reached a level that should give businesses and investors reason to pause and reflect,” Powell said at a conference, noting that corporate borrowing at a record level of around 35% of corporate assets.

Even so, he pushed back against suggestions that the corporate debt situation resembled the days before the financial crisis in 2007, saying the comparison was “not fully convincing”.

At 03:00 AM ET (0700 GMT), the , which measures the greenback against a basket of six major currencies, was at 97.928, having hit 97.953 earlier, its highest level since April 26.

In part, that reflected a sharp rise against the and after Reserve Bank of Australia Governor said the bank would examine the case for cutting its cash rate at its next policy meeting in June.

Elsewhere, the remained broadly stable as the trade tension between the U.S. and China subsided marginally. The said it would offer U.S. companies a temporary exemption – in specific cases – from the ban on selling to telecoms giant Huawei that was at the heart of Monday’s volatility. Europe’s stock markets opened with a modest relief rally.

That didn’t stop Huawei founder Ren Zhengfei from predicting further trouble ahead.

“We have sacrificed ourselves and our families for our ideal, to stand on top of the world,” Ren told Chinese state TV. “To reach this ideal, sooner or later there will be conflict with the US.”

In Europe, both the euro and the British pound remain under pressure from the revived threat of a ‘Hard Brexit’ and from the rhetoric around the European parliament elections that start on Thursday.

The pair was down 0.2% at $ 1.1149 while was also down 0.2% at a four-month low of $ 1.2703, amid reports that the moderate wing of the Conservative Party aims to stop the next party leader (and Prime Minister) from taking the U.K. out of the EU without transitional arrangements. The news underlines how hard it will be to break the political deadlock around Brexit.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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U.K. talk show cancelled after guest’s reported suicide

jeremy-kyle-itv-80977493.jpg
Jeremy Kyle poses at the British Soap Awards at BBC Television Centre, May 3, 2008 in London, England.  Getty

London — British broadcaster ITV on Wednesday canceled a popular, long-running daytime talk show after the death of a guest who failed a lie-detector test during a recording. ITV chief executive Carolyn McCall said “The Jeremy Kyle Show” was being scrapped “given the gravity of recent events.”

The tabloid-style talk show, which had run for 14 years, was pulled after 63-year-old Steve Dymond was found dead at a home in Portsmouth, southern England, on May 9.

Media reported that he had killed himself. Police said the death was not suspicious, and a post-mortem will be held to determine the cause.

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On an episode filmed earlier this month, Dymond took a lie-detector test to convince his fiancee that he had not been unfaithful, but was told he had failed.

The episode has not been aired.

Dymond’s death has heightened concern in Britain about the stress put on people appearing on reality television and online shows, and program-makers’ duty to protect their guests.

It’s a debate that has raged, off and on, for close to two decades since Britain began making home-grown equivalents of sensationalist U.S. programs like “The Jerry Springer Show” and putting ordinary people under intense scrutiny on reality shows such as “Big Brother.”

ITV was already under pressure following the deaths of two former contestants, Sophie Gradon and Mike Thalassitis, on reality show “Love Island.” Gradon’s 2018 death was ruled a suicide at an inquest. An inquest has not yet been held for Thalassitis, who died in March.

Lawmaker Damian Collins, chairman of the House of Commons Digital, Culture, Media and Sport Committee, said the panel would discuss “what should be done to review the duty of care support for people appearing in reality TV shows” during a private meeting on Wednesday.

Simon Wessely, a former head of the Royal College of Psychiatrists, said shows like “Jeremy Kyle” were “the theatre of cruelty.”

“And yes, it might entertain a million people a day, but then again, so did Christians versus lions,” he said, alluding to the spectacle of Christians and other persecuted people being mauled by wild animals in the stadiums of the ancient Roman empire.

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Dollar firm vs yen; market shrugs off China tariff hike, awaits talk results

© Reuters. FILE PHOTO: An employee counts U.S. dollar bills at a money exchange office in central Cairo © Reuters. FILE PHOTO: An employee counts U.S. dollar bills at a money exchange office in central Cairo

By Shinichi Saoshiro

TOKYO (Reuters) – The dollar was steady against the safe-haven Japanese yen on Friday, taking in stride the hike in U.S. tariffs on Chinese goods that went into effect and awaiting resumption of talks between top officials of the world’s two largest economies.

U.S. President Donald Trump’s tariff increase to 25 percent from 10 percent on $ 200 billion of Chinese goods kicked in on Friday, and Beijing said it would strike back, increasing tensions as the two sides pursue last-ditch talks to try salvaging a trade deal.

U.S. and Chinese officials will return to the negotiating table later on Friday.

“The tariff hike going into effect wasn’t a surprise in itself,” said Shusuke Yamada, chief Japan FX and equity strategist at Bank Of America Merrill Lynch.

“The market is now waiting to see if the two sides reach a compromise, continue with their brinkmanship or whether the negotiations fall through altogether.”

The dollar stood little changed at 109.720 yen .

The U.S. currency, which slipped to a three-month low of 109.470 overnight, has lost 1.2 percent against the yen this week.

“The dollar is clearly on a downtrend against the yen, both in terms of technicals and flows,” said Yuki Ishizuki, senior currency strategist at Dalian Securities.

But as the market had been bracing for the U.S. tariff increase, and given underlying demand for greenbacks Japanese institutional investors, “the dollar may not have much further room to fall,” he said.

Against the Swiss franc, the dollar was a shade weaker 1.0140 after dropping roughly 0.5 percent the previous day, when it touched a one-month low of 1.0122 francs.

The yen and franc tend to attract demand in times of market turmoil and political tension.

The euro added 0.15 percent to $ 1.1229 after touching a one-week peak of $ 1.1251 the day before.

The against a basket of six major currencies, of which the euro is a main component, was little changed at 97.353 .

The index had slid to 97.238 on Thursday, its lowest since May 1, as U.S. Treasury yields declined as investors shied away from risk, weighing on the dollar this week.

The Australian dollar , sensitive to shifts in risk sentiment, was up 0.05 percent at $ 0.6990 after reaching as high as $ 0.7019. The was down 0.5 percent for the week, during which it brushed a four-month low of $ 0.6960.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Forex – U.S. Dollar Slip Following Job Data; U.S.-China Trade Talk in Focus

Investing.com – U.S. dollar slipped on Monday in Asia following the release of the country’s job data. Progress on the Sino-U.S. trade front remained in focus after the latest round of negotiations wrapped up last Friday.

The that tracks the greenback against a basket of other currencies was down 0.1% to 96.860 by 12:59 AM ET (04:59 GMT).

On Friday, government data showed U.S. rose by 182,000, which is more than the expected 175,000, but grew at a slower pace than anticipated, indicating that the economy was not firing on all cylinders and supported the Federal Reserve’s decision to extend its pause on hiking rates.

“The data supports the thesis that the Fed is on hold for a long time. Until wages flare higher, there is little threat of inflation topping the target,” BMO said. “At the same time, with the jobless rate likely to grind lower as the economy picks up modestly in the spring, there is no compelling reason to ease policy.”

Meanwhile, trade talks were in focus today as officials from Beijing and Washington concluded their latest round of trade talks last Friday.

Chinese official broadcaster CCTV reported that there was “new progress” in trade negotiations. The two sides have discussed issues including technology transfer, protection of intellectual property rights, and the bilateral trade balance.

Donald Trump’s top economic adviser, Larry Kudlow, told CBS on Sunday that the two sides are “closer and closer” on a trade deal, although the White House said in a statement that “significant work remains, and the principals, deputy ministers, and delegation members will be in continuous contact to resolve outstanding issues.”

Elsewhere, the rose 0.2% to 1.3066 as the U.K. has asked the European Union for yet another extension until June 39.

EU leaders said Prime Minister Theresa May had not put forward credible reasons as to why the U.K. should be granted an extension for Brexit.

“If we are not able to understand the reason why the UK is asking for an extension, we cannot give a positive answer,” said French Finance Minister Bruno Le Maire. German Justice Minister Katarina Barley tweeted: “This playing for time must end.”

The U.K. had originally been due to leave the EU on March 29, but the deadline was pushed back to April 12 to allow the U.K. parliament more time to approve the withdrawal agreement, which it has been unable to do.

The pair was down 0.3% to 111.39.

The pair slipped 0.1% to 0.7093, while the pair was little changed at 6.7187.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Forex – Dollar Edges Higher on Trade Talk as Fed, Brexit Dominate Diary

© Reuters.  © Reuters.

Investing.com – The dollar was slightly higher against most of its peers in early trading in Europe Wednesday, supported overnight by fresh reports suggesting a lack of progress in trade talks with China.

However, it has settled firmly into a narrow range as the market waits for the end of the Federal Reserve’s two-day policy meeting.

The , which measures the greenback against a basket of six major currencies, was at 95.928, up 0.1% from late Tuesday.

The Fed is due to release its at 2:00 PM ET (1800 GMT), and markets already appear to have priced in , although it’s far from certain what shape that might take.

Of most interest is the so-called ‘dot-plot’ which maps FOMC members’ expectations of where rates will be over a two-year horizon, and many expect this to show that expectations of further interest rate hikes have fallen since the Fed’s last meeting. There are also some hopes for a clearer statement on when – and at what level – the Fed will stop shrinking its balance sheet.

Marc Chandler, managing partner at Bannockburn Global Forex, warned that the market may now be expecting too much from the Fed, saying that a large majority of Fed officials had foreseen the need for two or more rate increases at the last meeting.

“It seems unreasonable to expect them all to completely reverse themselves. The median forecast will still likely anticipate a hike,” Chandler wrote in a preview of the meeting. Financial conditions, such as bond yields, have eased just as quickly this year as they tightened at the end of 2018, he noted.

At 04:00 AM ET (0800 GMT), the was a touch lower against the dollar at $ 1.1351, while the was also down 0.2% at $ 1.3239.

The pound has retreated a little after reports suggesting the EU will take a hard line with any request from Prime Minister Theresa May for Brexit. EU leaders are due to start a summit in Brussels later today, and May is expected to present her request on Thursday morning.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Stocks – Wall Street Mixed After Earnings, Trade Talk Caution

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Investing.com – Wall Street was mixed on Wednesday amid downbeat earnings releases and as investors waited for news of trade talks between the U.S. and China.

The fell half a point, or 0.02%, as of 9:44 AM ET (14:44 GMT), while the gained 1 point, or 0.01%, and the tech-heavy increased 10 points, or 0.14%.

A fresh round of talks began on Tuesday in Washington, with higher-level discussions scheduled for later this week. U.S. President Donald Trump repeated Tuesday that he would consider extending the March 1 deadline, when tariffs on about $ 200 billion worth of Chinese imports are set to rise to 25% from the current 10% if a deal is not reached.

“A market-friendly outcome this week will be for both sides to agree on extending the March 1 deadline, which should provide more time for finding a middle ground on trade policy,” FXTM analyst Lukman Otunuga wrote in a client note. “Trump stating that the talks are ‘very complex’ and the current March deadline is not a ‘magical date’, (means) a breakthrough deal is still some distance away.”

US Global Investors (NASDAQ:) was among the top gainers after the morning bell, rising 3%, while Facebook (NASDAQ:) gained 0.75% and Alibaba (NYSE:) increased 1.15%.

CVS Health (NYSE:) slumped 8.9% after it missed its full-year profit forecast, while Southwest Airlines (NYSE:) dipped 4.6% after it cuts its first-quarter forecast for revenue per seat mile amid weak passenger demand.

LendingClub (NYSE:) fell 10.8% after the online lender said it expected a bigger-than-expected quarterly loss due to economic uncertainty.

On the central banking front, the Federal Reserve will release the minutes from its Jan. 30 policy meeting at 2:00 PM ET (19:00 GMT) Wednesday. Investors will pore over the minutes for further details on the bank’s pause in rate hikes.

In commodities, rose 0.17% to $ 1,347.15 a troy ounce, while fell 0.39% to $ 56.23 a barrel. The U.S. , which measures the greenback against a basket of six major currencies, inched up 0.10% to 96.44.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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China vice-premier Liu He to join trade talk this week

Liu He to meet with Mnuchin and Lighthizer

The top deputies from both countries will meet later in the week in what is going to be a critical phase of talks.

US lower level diplomats begin arriving in China on Monday as they discuss issues ahead of meetings on Feb 14-15.

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