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Reuters
a day ago
- Business
- Reuters
Dollar falls against yen as markets weigh new trade deal, Japanese politics
LONDON/NEW YORK, July 23 (Reuters) - The U.S. dollar strengthened against the Swiss franc and euro but weakened versus the yen on Wednesday as positive sentiment from a new U.S. trade deal was offset by political uncertainty surrounding Japanese Prime Minister Shigeru Ishiba's future. President Donald Trump announced a trade deal on Tuesday with Japan, which lowers tariffs on auto imports to 15% in exchange for a $550 billion package of U.S.-bound investment and loans. It is the most significant of a clutch of agreements that Trump has bagged since unveiling sweeping global levies in April. The dollar gained against the Swiss franc , on track to snap three straight sessions of losses. It was last up 0.24% to 0.79425. Wall Street's main indexes were all advancing while U.S. Treasury yields rose. The greenback weakened against the yen , hitting its lowest level since July 11 at 146.20 per dollar after reports that Ishiba intends to step down next month following a bruising upper house election defeat. Ishiba denied the reports that he had decided to resign, calling them "completely unfounded." The yen was last down 0.06% at 146.565 yen. "The main thing driving USD/JPY has to do with political anxiety as it looks like the prime minister is feeling some pressure to consider resigning," Juan Perez, senior director of trading at Monex USA in Washington, told Reuters in a statement. "This deal helps automakers, for now, but leaves markets also wondering if at any point tariffs can be increased since they will not go away as tools for negotiating anything and everything. Japan, an advanced economy agreeing to new terms for trade does leave concern that successful tariff use will give incentive to keep using their threat." The European Union and the U.S. are heading towards a trade deal that would result in a broad tariff of 15% on EU goods imported into the U.S., two diplomats told Reuters. The deal would mirror a similar agreement the U.S. struck with Japan. The euro pared earlier losses and was up 0.08% against the dollar at $1.176250, . The U.S. dollar has been one of the biggest losers among major currencies since Trump announced sweeping tariffs on trading partners on April 2. The weakness continued as those duties were suspended to allow further negotiations, but has steadied this month. The August 1 deadline for tariff deals still looms for many countries and investors remain cautious on how it will play out. The dollar index , which measures the greenback against a basket of currencies including the yen and the euro, fell 0.14% to 97.33, on track for four straight sessions of losses. "I think what the market is expecting is that there will be a blanket tariff of a certain amount: let's just say 10% or so, and that has been set in place for quite a while. And I believe that it's discounted," said Jeff Young, head of investment strategy, at PGIM Quantitative Solutions in New Jersey. "The effect on the dollar is going to be ... folded into the overall macro picture. And I think it's going to be difficult to disentangle the exact impact of the tariff versus all the other things that are affecting the currency because I do think that a lot of that is pretty much already discounted." Sterling was up 0.26% at $1.35690 . The Aussie hit an eight-month high and was last up 0.4% at U.S.$0.6584.
Business Recorder
16-07-2025
- Business
- Business Recorder
US dollar pares tumbles
NEW YORK: The US dollar tumbled on Wednesday on news reports that US President Donald Trump is planning to fire Federal Reserve Chair Jerome Powell, but pared the drop after Trump denied the plans. Trump said that he is not planning on doing anything, while also noting that he is unhappy that Powell is being too slow to cut interest rates. A source earlier told Reuters that Trump is open to the idea of firing Powell and polled some Republican lawmakers on firing Powell and received a positive response. Removing Powell before his term ends in May would be negative for the dollar as it would undermine credibility in the US financial system and the dollar as a safe-haven currency. 'What can kill the value of the US dollar, what can absolutely destroy faith in the US dollar, is attacking in any way, shape, or form the independence and authority of the Federal Reserve,' said Juan Perez, senior director of trading at Monex USA in Washington. Trump has railed against Powell for months for not easing rates and the Trump administration has also criticised cost overruns on a $2.5 billion renovation of the Fed's Washington headquarters. The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, was last down 0.27% on the day at 98.31, with the euro up 0.34% at $1.1639. Against the Japanese yen, the dollar weakened 0.52% to 148.1.
CNA
16-07-2025
- Business
- CNA
Dollar drops in choppy trading as Trump denies plans to fire Fed's Powell
NEW YORK :The U.S. dollar fell but rose off its lows on Wednesday after U.S. President Donald Trump denied news reports that he is planning to fire Federal Reserve Chair Jerome Powell. Bloomberg reported that the president is likely to fire Powell soon. A source also told Reuters that Trump is open to the idea of firing Powell and polled some Republican lawmakers on firing Powell and received a positive response. But Trump said that the reports are not true. "I don't rule out anything, but I think it's highly unlikely unless he has to leave for fraud," Trump said, a reference to recent White House and Republican lawmaker criticism of cost overruns in the $2.5 billion renovation of the Fed's historic headquarters in Washington. Removing Powell before his term ends in May would be negative for the dollar as it would undermine credibility in the U.S. financial system and the dollar as a safe-haven currency. "What can kill the value of the U.S. dollar, what can absolutely destroy faith in the U.S. dollar, is attacking in any way, shape, or form the independence and authority of the Federal Reserve," said Juan Perez, senior director of trading at Monex USA in Washington. Trump has railed against Powell for months for not easing rates, which he says should be at 1 per cent or lower. The dollar index, which measures the greenback against a basket of currencies, including the yen and the euro, was last down 0.25 per cent on the day at 98.34, with the euro up 0.3 per cent at $1.1633. Against the Japanese yen, the dollar weakened 0.7 per cent to 147.82. Sterling strengthened 0.24 per cent to $1.3411. If Trump were to fire Powell the markets would likely see a larger negative reaction in the dollar, said Francesco Pesole, FX strategist at ING in London. "Euro/dollar is at $1.17 and should be trading higher on this because the implications are massive. Markets are still not fully pricing this all in. You would expect that if Powell is removed today then the Fed cuts in September," he said. The single currency got as high as $1.1721 on Wednesday. Fed funds futures traders are now pricing in 47 basis points of cuts by year-end, up from 44 basis points before the news reports. The dollar gained earlier against the euro as traders bet that the U.S. central bank may be less likely to cut rates two times this year following an uptick in consumer prices in June, even though producer price inflation data on Wednesday was steady. U.S. producer prices were unexpectedly unchanged in June as an increase in the cost of goods because of tariffs on imports was offset by weakness in services. Tuesday's release showed U.S. consumer prices increased by the most in five months in June amid higher costs for some goods, suggesting that Trump's tariffs were starting to have an impact on inflation. "Yesterday's reaction to the inflation data was very positive for the U.S. dollar overall," said Eric Theoret, FX strategist at Scotiabank in Toronto. Investors continue to focus on tariffs ahead of an August 1 deadline when many trading partners face higher trade levies. Trump said on Wednesday the U.S. will probably "live by the letter" on tariffs with Japan and may have another trade deal coming up with India, following his announcement of an accord with Indonesia on Tuesday. In Japan, investors are focused on a potential power shift in upper house elections this weekend that could strain already frail finances, with long-dated yields soaring to all-time highs as the vote nears. In cryptocurrencies, bitcoin gained 2.82 per cent to $119,761 but held below a record high of $123,153 reached on Monday.
CNA
16-07-2025
- Business
- CNA
Dollar pares earlier drop as Trump denies plans to fire Fed's Powell
NEW YORK :The U.S. dollar tumbled on Wednesday on news reports that U.S. President Donald Trump is planning to fire Federal Reserve Chair Jerome Powell, but pared the drop after Trump denied the plans. Trump said that he is not planning on doing anything, while also noting that he is unhappy that Powell is being too slow to cut interest rates. A source earlier told Reuters that Trump is open to the idea of firing Powell and polled some Republican lawmakers on firing Powell and received a positive response. Removing Powell before his term ends in May would be negative for the dollar as it would undermine credibility in the U.S. financial system and the dollar as a safe-haven currency. 'What can kill the value of the U.S. dollar, what can absolutely destroy faith in the U.S. dollar, is attacking in any way, shape, or form the independence and authority of the Federal Reserve," said Juan Perez, senior director of trading at Monex USA in Washington. Trump has railed against Powell for months for not easing rates and the Trump administration has also criticised cost overruns on a $2.5 billion renovation of the Fed's Washington headquarters. The dollar index, which measures the greenback against a basket of currencies including the yen and the euro,was last down 0.27 per cent on the day at 98.31, with the euro up 0.34 per cent at $1.1639. Against the Japanese yen, the dollar weakened 0.52 per cent to 148.1.
Yahoo
15-07-2025
- Automotive
- Yahoo
Modernization of Cross-Border Trade event draws industry experts to Laredo, TX
In the ever-evolving landscape of cross-border trade between the U.S. and Mexico, Reliance Partners continues to foster collaboration and expertise with annual Modernization of Cross-Border Trade events. Held on June 17, 2025, at the Laredo Country Club in Laredo, Texas, the 8th Annual Modernization of Cross-Border Trade event drew in over 500 logistics professionals. 2025 featured a strong sponsor lineup, including Cargado, Monex USA, Volvo Trucks, Evans Transportation, Werner, Dunavant, Atlantic Logistics, and more, with complimentary admission for all logistics providers, shippers, and freight brokers. What started eight years ago as an insurance-focused gathering has evolved into a premier industry forum where cross-border technology disruptors, logistics firms expanding into Mexico, and capacity providers connect and collaborate. This year's speakers highlighted the following topics: What to expect from the 2026 United States-Mexico-Canada Agreement review upon the election of President Donald Trump and Mexican President Claudia Sheinbaum How and when to leverage cross-border warehouse space What cross-border investment firms are looking at in 2025 Cross-border partner vetting Practical technology for cross-border in 2025 U.S.-Mexico customs brokerage panel with Customs and Border Protection The Need for Cross-Border Insurance At the core of the event's discussions was the vital role of cross-border insurance, a topic that is gaining increasing prominence amid escalating trade volumes and complexities. The importance of having robust cross-border insurance cannot be overstated, particularly as the Mexican cargo landscape presents numerous challenges. With a 3% increase in cargo truck hijacking reported in 2023, according to the , Mark Vickers, Executive Vice President and Head of International Logistics at Reliance Partners, highlighted key differences between U.S. and Mexican insurance policies. U.S.-issued Mexican cargo insurance is particularly beneficial as it allows claims to be resolved in the U.S., offering more reliable outcomes. In contrast, Mexican cargo insurance often involves lenient liability requirements. Carriers' liability for cargo damage tends to be capped significantly lower than actual shipment values. These limitations are coupled with burdensome documentation requirements and exclusions typical to Mexican policies, which often delay claim payouts and complicate logistics operations. Moreover, the negligence-based liability in Mexico means that carriers are only accountable for damages caused by negligence, leaving significant risks for shippers uncovered. Effective insurance has become a more crucial need than ever. Cross-border insurance helps to ensure continuity and mitigate risk. Every cross-border operation needs stability when it comes to an uncertain environment. The 8th Annual Modernization of Cross-Border Trade event featured a range of thought-provoking panels covering topics such as cross-border disruption, Mexican cargo insurance, and strategies for expanding capacity. The participation level and diversity of attendees spanned shippers, freight brokers, U.S. and Mexican carriers, customs brokers, warehouse operators, logistics tech companies, and investors. Many event participants validated the necessity for progress and preparedness in regards to this topic. 'It starts with great people, and this event truly brought them together,' said one attendee. One industry professional noted, 'If you're investing in cross-border and you aren't in Laredo at this event, you're missing out.' Another echoed, 'This event showcases how fast the space is evolving and how important it is to be part of the conversation.' Reliance Partners' Cross-Border Solutions In response to these challenges, Reliance Partners has developed the Borderless Coverage program. This innovative program is specifically designed to connect shippers, carriers, and brokers with U.S.-based underwriters who specialize in Mexican cargo insurance. The program aims to eliminate the uncertainties of traditional policies by ensuring expedited claims payments directly to the shipper, thus maintaining operational flow while supporting cost recovery. Borderless Coverage offers transparent policies that reflect the tangible realities of cross-border risk, thereby shielding shippers from vulnerabilities associated with traditional insurance models. Simplified coverage options reduce unrealistic requirements that often lead to disputes. This model promotes collaboration and partnership rather than tedious policy navigation. Likewise, Reliance Partners' Cargo Truck Hijacking Portal is designed to help nearshoring executives, journalists, international logistics professionals and researchers analyze roadway logistics risk in Mexico. The Reliance team compiles, consolidates, and crunches data from Mexico's federal government's National Public Security System in order to provide the first and only open source data portal on cargo hijackings in Mexico. Upcoming News With nearshoring initiatives gaining momentum, the impetus for robust partnerships and comprehensive insurance solutions remains high. The insights shared at the 8th Annual Modernization of Cross-Border Trade event reinforce the critical nature of insurance in facilitating secure and efficient trade activities across borders. As the landscape continues to shift (fueled by innovations and policy changes), the role of cross-border insurance as a stabilizing force shouldn't be overlooked. Industry players need to align towards common goals, and for that they need the knowledge and tools to navigate the complexities of a dynamic trading environment. Reliance Partners has already set its sights on future engagements, with preparations underway for the 9th Annual Modernization of Cross-Border Trade. Because this is a topic of growing importance, there has to be continued dialogue and collaboration within the trade community. Reliance Partners wants to enhance industry discourse and play a pivotal role in shaping the future of cross-border logistics and insurance. Click here to learn more about Reliance Partners. The post Modernization of Cross-Border Trade event draws industry experts to Laredo, TX appeared first on FreightWaves. 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