NEW YORK, 1 Feb 2017:
The US dollar tumbled yesterday, headed for its worst start to a year in three decades, while stocks dipped as president Donald Trump added uncertainty to the market following stringent curbs on travel to the US from seven Muslim-majority countries.
Comments from Trump’s top trade adviser Peter Navarro that Germany was using a “grossly undervalued” euro to gain advantage over the US knocked the US dollar in early North American trading.
Trump followed up on those comments in a meeting with the chief executives of several top drugmakers, during which he said drug companies had outsourced production because of currency devaluation by other countries.
That dragged the dollar index, which tracks the greenback against six rival currencies, to its lowest since Dec 8. The index is down about 2.6% for the month, its worst January since 1987.
“You don’t talk about levels, don’t really talk about valuation and you certainly don’t talk about other people’s currencies,” said Greg Anderson, Global head of FX strategy for BMO Capital Markets in New York.
“This hasn’t been done before. It’s maybe a little unsettling for the market.”
Investors’ hopes for a fiscal boost to the world’s largest economy under Trump have been tempered by controversial and protectionist policies that have seen him suspend travel to the US from seven Muslim-majority countries.
The selling on Wall Street comes a day after US stocks recorded their worst day of 2017.
US stocks are “pulling back on the building trepidation that maybe we’re going to see not just a renegotiation of trade agreements but maybe an all-out trade war, which is something the market doesn’t want at all,” said Quincy Krosby, market strategist at Prudential Financial in Newark, New Jersey.
The Dow Jones Industrial Average fell 107.04 points, or 0.54%, to close at 19,864.09, the S&P 500 lost 2.03 points, or 0.09%, to 2,278.87 and the Nasdaq Composite added 1.07 points, or 0.02%, to 5,614.79.
Despite yesterday’s overall poor showing, a gauge of equity markets around the globe was set to move higher in January for its third straight month of gains, supported by signs of accelerating momentum in the global economy.
MSCI’s ex-Japan Asian shares index rose 6% this month while its emerging markets index added 5.4%, despite falling on Monday.
MSCI’s index of the world’s top 46 stock markets gained 2.65%, despite edging down yesterday and suffering its largest loss in six weeks on Monday.
The pan-European STOXX 600 index fell 0.67%, adding to big losses on Monday to hit a one-week low. The STOXX 600 ended January down 0.4%, as expectations of major fiscal policy overhauls faded, overshadowed by Trump’s controversial and protectionist policies.
Japan’s Nikkei dropped 1.7% – its biggest fall in almost three months. It was down 0.4% for January.
US Treasury yields fell in the wake of Trump’s comments and following US consumer confidence and manufacturing data that missed expectations.
The US dollar suffered broad losses, falling to its lowest against the yen since Nov 30 and its lowest against the euro since Dec 8.
Oil edged up, spurred by the dive in the US dollar and cuts in output from the Organisation of the Petroleum Exporting Countries that were more than forecasters had expected.
Gold rose 1.3% and copper gained nearly 3% to a two-month high on the weaker US dollar.
Source: Reuters via The Rakyat Post
Original article: http://www.therakyatpost.com/business/2017/02/01/us-dollar-showing-weakness-amid-confusion-over-trumps-policies/
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