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Dollar Falls After Munchin Comments

News Date: 18/4/2017 02:12:36
 

The US dollar fell slightly on early Tuesday morning trades, weighed down by comments from US Treasury Secretary Stephen Munchin.

Munchin told the Financial Times that he agreed with US President Donald Trump's view that the strength of the US dollar in the short term had hurt exports, but he also saw that the strength of the US currency over the long term as positive.

At 03:00 GMT, the US Dollar index fell 0.08% to trade at 100.17.

Munchin 's comments downplayed President Trump's view, after he pointing last week that the dollar was too strong, which had a significant negative impact on the US dollar.

The US dollar has been affected by geopolitical tensions over the North Korean issue, after a failed missile test, it is unclear whether the situation in North Korea will escalate into military action, but the uncertainty is increasing, increasing negative pressure on the dollar over the upcoming period.

The New York manufacturing index fell on April to 5.2 from March’s reading of 16.4 and below expectations of 15.2, raising concerns about the future of US manufacturing sector growth as it`s an early indicator of future economic activity such as spending, Employment, and investments.

Looking ahead to today's economic calendar, the US March building permits is expected to show a slight rise to 1.25 million units from 1.22 million units, reflecting an improvement in the performance of the US housing market that has particular importance in the economy.

The US dollar is not expected to rise today as the United States begins its first economic dialogue with Japan. Concerns are growing that the United States will take a tough trade stance against Japan, which was concerned about Trump's complaints that Japan and other countries are artificially weakening their currencies.

The USDJPY rebounded near the psychological barrier at 109, with the main focus now being on the kind of pressure the US could exert on Japan as US trade policy is mainly linked to the US Dollar weakness policy.

The USDJPY rose 0.03% to trade near 108.92.

The JPY is not expected to continue weaken amidst current economic data from rising stocks, continued geopolitical tensions over the Korean issue and French elections that will always prompt investors to buy the yen as a safe haven.

Narrow trades dominate European currencies (the Euro and the Pound) as they return to the markets after a long weekend on an Easter holiday, amid a lack of economic data.

The EURUSD rose 0.05% to trade near 1.0647.

The British pound is hovering around 1.2561 against the US dollar.

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