Latest news with #RockySwift
Mint
04-07-2025
- Business
- Mint
Dollar slips versus major currencies as US tariff deadline looms
By Rocky Swift and Johann M Cherian TOKYO -The dollar slipped against other major currencies on Friday after President Donald Trump got his signature tax cut bill over the final hurdle and pressure mounted on countries to secure trade deals with the United States. The U.S. currency had rallied on Thursday after stronger than expected U.S. jobs data pushed out the timing for potential rate cuts by the Federal Reserve. But the dollar index, which tracks the currency against major peers, is headed for a second-straight weekly decline. The Republican-controlled House of Representatives narrowly passed Trump's "One, Big, Beautiful Bill" of spending and tax cuts that is estimated to add $3.4 trillion to the country's $36.2 trillion debt. Trump is expected to sign the bill into law on Friday. With the U.S. closed for Independence Day, attention turns to Trump's July 9 deadline when sweeping tariffs take effect on countries like Japan that have not yet secured trade agreements. "The appetite for the dollar is waning because, one, the U.S. debt worries are rising and appetite for U.S. debt is at risk," said Ipek Ozkardeskaya, senior market analyst at Swissquote Bank. "And also because of the fact that the tariff situation and trade disruptions are going to have a negative impact on growth for the U.S. and the Fed will not necessarily be able to support the economy when inflation risks are rising." The dollar index had its worst first half since 1973 as Trump's chaotic roll-out of sweeping tariffs heightened concerns about the U.S. economy and the safety of Treasuries. The U.S. currency has fallen more than 6% since April 2, which was when the U.S. announced tariffs on the world, and had hit the lowest in more than three years against the euro and British pound earlier in the week. The dollar index edged 0.1% lower to 96.92, trimming its 0.4% advance on Thursday. The euro added 0.2% to $1.178 , poised for a 0.5% weekly gain. The yen climbed 0.4% to 144.32 versus the dollar, while the Swiss franc firmed 0.2% to fetch 0.793 per dollar. Trump said many countries will get letters on Friday specifying what tariff rates they will face, marking a shift from earlier pledges to do individual deals with trading partners. European Commission President Ursula von der Leyen said the EU was aiming for a trade agreement "in principle" with the U.S. before the deadline. Japan, which has been a focus of Trump's ire of late, is reportedly sending its chief trade negotiator to the U.S. again as early as this weekend. Indonesia offered to cut duties on key imports from the United States to "near zero" and to buy $500 million worth of U.S. wheat. Elsewhere, China said it would implement duties of up to 34.9% on brandy originating in the European Union for a period of five years starting from July 5. In some relief for investors worried about the health of the U.S. economy, the employment report on Thursday showed that non-farm payrolls increased by 147,000 jobs in June, well ahead of economists' forecast in a Reuters poll for a rise of 110,000. "The U.S. labour market is gradually slowing down, but the fact that it hasn't experienced a sudden change is reassuring," said SMBC chief currency strategist Hirofumi Suzuki. "I personally predict that the tariff negotiations will not be very favourable, leading to continued dollar weakness and yen strength." Market expectations that the Fed will leave rates unchanged at its July meeting are now at 95.3% probability, up from 76.2% on July 2, according to the CME's Fedwatch tool. Economists continue to expect the Fed will not start cutting rates again until September or even later. This article was generated from an automated news agency feed without modifications to text.
Yahoo
13-06-2025
- Business
- Yahoo
Friday 13th brings explosions in Tehran, race to safe havens
(Corrects hyperlink to oil price story in paragraph 5) A look at the day ahead in European and global markets from Rocky Swift It had to be Friday the 13th, right? The morning began with explosions in Tehran that appeared to be much more serious than tit-for-tat strikes between Israel and Iran last year. Though a preemptive strike by Israel on Iran's budding nuclear capability had been suspected, the timing and severity still took markets by surprise, with oil prices jumping over 11% at one point. What remains unclear is what role or knowledge the United States had about the offensive and what will Washington do if Iran retaliates. Secretary of State Marco Rubio said the U.S. was not involved, while Israel's state broadcaster said Washington had been notified before the strikes. Steve Witkoff, President Donald Trump's special envoy to the Middle East, had been expected to meet Iran's foreign minister in Oman on Sunday. Oil's jump put it on course for the sharpest daily gain in more than five years. Gold and Treasuries surged in Asian trading, while stock futures pointed to roughly 1.5% declines in Europe and U.S. Britain's FTSE was down less than 0.5% in the futures market. With rubber bullets flying in Los Angeles and missiles dropping in Tehran, global economies are clearly prioritising guns over butter. Major defence contractors in Europe such as Britain's BAE Systems, France's Dassault Aviation, and Sweden's Saab AB may be active today. Key developments that could influence markets on Friday: - German, French final CPI readings for May - Euro zone trade balance, industrial production data for April Trying to keep up with the latest tariff news? Our new daily news digest offers a rundown of the top market-moving headlines impacting global trade. Sign up for Tariff Watch here.
Hindustan Times
13-06-2025
- Business
- Hindustan Times
MORNING BID EUROPE-Friday 13th brings explosions in Tehran, race to safe havens
A look at the day ahead in European and global markets from Rocky Swift It had to be Friday the 13th, right? The morning began with explosions in Tehran that appeared to be much more serious than tit-for-tat strikes between Israel and Iran last year. Though a preemptive strike by Israel on Iran's budding nuclear capability had been suspected, the timing and severity still took markets by surprise, with oil prices jumping over 11% at one point. What remains unclear is what role or knowledge the United States had about the offensive and what will Washington do if Iran retaliates. Secretary of State Marco Rubio said the U.S. was not involved, while Israel's state broadcaster said Washington had been notified before the strikes. Steve Witkoff, President Donald Trump's special envoy to the Middle East, had been expected to meet Iran's foreign minister in Oman on Sunday. Oil's jump put it on course for the sharpest daily gain in more than five years. Gold and Treasuries surged in Asian trading, while stock futures pointed to roughly 1.5% declines in Europe and U.S. Britain's FTSE was down less than 0.5% in the futures market. With rubber bullets flying in Los Angeles and missiles dropping in Tehran, global economies are clearly prioritising guns over butter. Major defence contractors in Europe such as Britain's BAE Systems, France's Dassault Aviation, and Sweden's Saab AB may be active today. Key developments that could influence markets on Friday: - German, French final CPI readings for May - Euro zone trade balance, industrial production data for April Trying to keep up with the latest tariff news? Our new daily news digest offers a rundown of the top market-moving headlines impacting global trade. Sign up for Tariff Watch here.
Yahoo
13-06-2025
- Business
- Yahoo
Morning Bid: Friday 13th brings explosions in Tehran, race to safe havens
A look at the day ahead in European and global markets from Rocky Swift It had to be Friday the 13th, right? The morning began with explosions in Tehran that appeared to be much more serious than tit-for-tat strikes between Israel and Iran last year. Though a preemptive strike by Israel on Iran's budding nuclear capability had been suspected, the timing and severity still took markets by surprise, with oil prices jumping over 11% at one point. What remains unclear is what role or knowledge the United States had about the offensive and what will Washington do if Iran retaliates. Secretary of State Marco Rubio said the U.S. was not involved, while Israel's state broadcaster said Washington had been notified before the strikes. Steve Witkoff, President Donald Trump's special envoy to the Middle East, had been expected to meet Iran's foreign minister in Oman on Sunday. Oil's jump put it on course for the sharpest daily gain in more than five years. Gold and Treasuries surged in Asian trading, while stock futures pointed to roughly 1.5% declines in Europe and U.S. Britain's FTSE was down less than 0.5% in the futures market. With rubber bullets flying in Los Angeles and missiles dropping in Tehran, global economies are clearly prioritising guns over butter. Major defence contractors in Europe such as Britain's BAE Systems, France's Dassault Aviation, and Sweden's Saab AB may be active today. Key developments that could influence markets on Friday: - German, French final CPI readings for May - Euro zone trade balance, industrial production data for April Trying to keep up with the latest tariff news? Our new daily news digest offers a rundown of the top market-moving headlines impacting global trade. Sign up for Tariff Watch here. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
09-06-2025
- Business
- Yahoo
Morning Bid: Markets pin hopes on London trade talks
A look at the day ahead in European and global markets from Rocky Swift Optimism abounds in the markets that the United States and China will reach a rapprochement in London today, after a phone call last week between leaders of the world's two largest economies turned down the heat on their protracted rift over trade. Both sides have strong incentives to ratchet down the rhetoric and find agreement as their economies remain tightly linked, although U.S. President Donald Trump has shown interest in decoupling them. The market reacted favourably on Friday to U.S. jobs data that showed less of a slowdown than feared, temporarily easing concerns about the trade war's fallout. But that was counterbalanced today when China's dour producer price data added to evidence that the spat is taking its toll. Asian shares rebounded sharply on Monday, reacting to Friday's exuberance on Wall Street. Equity futures pointed to a slightly lower open in Europe, while U.S. stock futures, the S&P 500 e-minis, slid 0.2%. On the trade front, representatives from the U.S. and China, due to meet at a still undisclosed location in London, will attempt to revive a preliminary trade agreement reached in Geneva last month. Trump is threatening to impose triple-digit tariffs on Chinese goods, while Beijing's key leverage is its near stranglehold on rare earth minerals that are critical to many high-tech sectors. Perhaps persistence is the key. Japan's chief trade negotiator Ryosei Akazawa is planning a sixth round of talks in Washington this week, Kyodo News reported. The economic and earnings slate is practically empty today. The next major figures to watch out of the U.S. will be inflation data on Wednesday, followed later in the week by producer price figures, weekly jobless claims and the University of Michigan report on consumer sentiment. The Fed is in a blackout period ahead of its June 18 policy decision. The markets were also keeping an eye on events in Los Angeles, where National Guard troops are facing down protesters demonstrating over Trump's immigration policies. Videos showed part of a major freeway in the city blocked by activists. California on its own is the world's fourth-largest economy, exceeding Japan's gross domestic product, and Trump deployed guardsmen to its biggest city to counteract what the White House described as "chaos, violence and lawlessness". Governor Gavin Newsom called Trump's reaction "the acts of a dictator". Key developments that could influence markets on Monday: - U.S. wholesale inventory data for April. - Mexico reports inflation and producer price data for May. Trying to keep up with the latest tariff news? Our new daily news digest offers a rundown of the top market-moving headlines impacting global trade. Sign up for Tariff Watch here. (By Rocky Swift; Editing by Edmund Klamann)
