On 8th August 018 has been witnessed as the day full of trade tensions as the foreign currency rate falls down, hitting different currency’s index. The U.S dollar fall down and touched a low of 94.82 against six different currencies. Though the last week presented a highest index in U.S trade and raised the interest rates but the recent trade tension are considered as a consequences of Donald Trump’s policies against trade with China.
Donald Trump’s administration declared that they will charge a 25% tariffs on the next import lot they will receive from China which will be worth of $16 billion. Dollar rate are lower as compared to Japanese yen and USD/JPY will drop down by 0.38% as expected after bilateral trade talks between USA and Japan.
Euros rates are speculated to be lower as compared to USD as it will face a fall of 0.1% to 1.1586 and gives the stock market a depressing end. However, the euro to Great Britain pound proofs to be at the highest levels advancing at the rate of 0.17% to 0.8975. Sterling like the other currencies showed a depressing trend and remained under pressure.
Offshore trading trend slid Chinese yuan against the dollar and recorded to be controlled at 6.8350 by Beijing. GBP / USD showed the lowest stock position which was never witnessed since last year as it ended at 1.2909 approximate 0.22% termed as weakest for the day. Investors are facing a tension period in their stock market trade and hoping for the best in future trade setup.
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