USA dollar stung by pound's big gain, Trump's comments

18 January, 2017, 01:13 | Author: Celia Hoffman
  • Theresa May

The greenback fell 1.3 per cent against the Japanese yen to its lowest level since November 30.

Recent buying in gold, and maybe bonds, can be attributed questions about the pace of interest-rate hikes from the US Fed in 2017.

Meanwhile, North American stock markets were lower as the S&P/TSX composite index slipped 14.44 points to 15,464.85 in Toronto.

U.S. markets were more subdued, with the Dow Jones Industrial Average and S&P 500 both down 0.3 per cent. Ten-year yields dropped 5.1 basis points to 2.33 percent.

Gold futures were up 1.3% in Tuesday trading, while silver and platinum prices rose 1% and 0.8%, respectively.

February natural gas was down a penny at US$3.41 per mmBTU and March copper contracts shed seven cents at US$2.63 per pound.

Retail stocks were moving higher on Tuesday following President-elect Donald Trump's comments that the US dollar has become "too strong" in an interview with the Wall Street Journal.

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Hmmm. The dollar steadily gained strength following Trump's election based on expectations of his economic and trade policy.

A commentary Tuesday by Scotiabank's foreign exchange team said it wasn't clear whether Trump was saying the USA dollar was too high specifically against China's yuan or currencies in general, but investors reacted anyway.

Imre Speizer, senior market strategist at Westpac, said that the U.S. dollar came under renewed selling pressure following remarks from United States president-elect Donald Trump that it was "too strong".

These companies have a significant global presence and have suffered noticeable currency headwinds as the dollar continues to strengthen. "And it's killing us", he told the Journal.

"We expect trade to have improved further in December, with PMI readings suggesting that China's trading partners continued to experience strengthening growth at the end of 2016".

Shares of US retailer Coach Inc (NYSE: COH) were up nearly 2 percent, while Ralph Lauren Corp (NYSE: RL) moved almost 4 percent higher.

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