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US dollar extended its decline

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US dollar extended its decline
Latest company news about US dollar extended its decline

 

Macro Roundup (Nov 19)

Data Analysis 08:40:36AM Source:SMM
 

SHANGHAI, Nov 19 (SMM) – This is a roundup of global macroeconomic news last night and what is expected in the day ahead.

Last night

The US dollar extended its decline against a basket of its rivals on Monday as investors digested mixed signals around US-China trade talks.

On Monday, CNBC quoted a Chinese government source saying the mood in Beijing about a trade deal was pessimistic due to US President Donald Trumps reluctance to roll back on tariffs.

The report came after Chinese state media Xinhua saying that China and the US had “constructive talks” on trade in a high-level call over the weekend.

China’s central bank said on Monday that it was lowering the seven-day reverse repurchase rate to 2.50% from 2.55%, the first such cut in more than four years.

This move comes just two weeks after the People’s Bank of China (PBOC) cut the borrowing cost on its medium-term lending facility (MLF), used by banks for longer-dated funding needs, by the same margin.

Both cuts raise the likelihood that the PBOC will trim its new benchmark loan prime rate (LPR), off of which many lenders base their mortgage rates, this week.

The US Commerce Department for the third time has extended a temporary license that lets American companies do business with Huawei. This 90-day reprieve for the embattled Chinese telecom follows the first one in May and the second in August.

US-China trade uncertainty weighed on oil prices on Monday, but helped gold erase earlier losses.

LME base metals closed lower across the board on Monday. Lead led the losses with a 2.1% decline, zinc dropped 1.5%, aluminium and nickel fell 1.2%, tin shed 0.6% and copper slipped 0.4%.

The SHFE complex also drifted broadly lower overnight. Lead tumbled 1.2%, nickel fell 1%, tin and zinc slid 0.2%, while aluminium gained 0.4%. Copper stayed flat.

Day ahead

Economic data slated for release today include US building permits and housing starts in October as well as weekly crude inventory data from the American Petroleum Institute (API).

Pub Time : 2019-11-19 09:02:51 >> News list
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