Dollar Trading Mixed After G20 Agreement
2018年12月3日 - 11:15PM
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The dollar is turning in a mixed performance against its major
rivals Monday afternoon. President Trump and Chinese President Xi
Jinping agreed to a 90-day truce in the escalating trade war
between the two countries over the weekend. The news sparked a
rally in global equities, but has had less of an impact on the
currency market.
A White House statement said Trump agreed not to raise the
tariffs on $200 billion worth of Chinese goods to 25 percent from
10 percent on January 1st as planned.
In return, China agreed to purchase a "not yet agreed upon, but
very substantial, amount" of agricultural, energy, industrial, and
other product from the U.S.
The White House said the U.S. and China will use the next 90
days to attempt to reach an agreement on issues such as forced
technology transfer, intellectual property protection, and
non-tariff barriers.
Manufacturing activity in the U.S. unexpectedly grew at a faster
rate in the month of November, according to a report released by
the Institute for Supply Management on Monday.
The ISM said its purchasing managers index climbed to 59.3 in
November after falling to 57.7 in October, with a reading above 50
indicating growth in manufacturing activity. Economists had
expected the index to edge down to 57.5.
With a drop in spending on private construction more than
offsetting an increase in spending on public construction, the
Commerce Department released a report on Monday showing an
unexpected dip in U.S. construction spending in the month of
October.
The Commerce Department said construction spending edged down by
0.1 percent to an annual rate of $1.309 trillion in October after
slipping by 0.1 percent to a downwardly revised rate of $1.311
trillion in September.
The modest decrease came as surprise to economists, who had
expected construction spending to rise by 0.3 percent compared to
the nearly unchanged reading originally reported for the previous
month.
The dollar dropped to a low of $1.1379 against the Euro Monday,
but has since bounced back to around $1.1345.
Eurozone's manufacturing growth slowed less-than-expected in
November, amid marginal growth in output and weak business
confidence, and was the lowest since August 2016, final data from
IHS Markit showed on Monday.
The manufacturing purchasing managers' index fell to 51.8 from
52 in October. The flash reading was 51.5.
The buck climbed to a high of $1.2698 against the pound sterling
Monday, but has since eased back to around $1.2725.
UK manufacturing growth improved in November, but activity
remained subdued amid a second consecutive month of decline in
export orders, though domestic demand increased as Brexit worries
prompted clients to stock up on supplies.
The CIPS manufacturing purchasing managers index rose to 53.1
from October's 27-month low of 51.1, survey data from IHS Markit
showed on Monday. Economists had forecast a score of 51.7.
The greenback has risen to around Y113.650 against the Japanese
Yen Monday afternoon, from an early low of Y113.374.
The manufacturing sector in Japan continued to expand in
November, albeit at a slower pace, the latest survey from Nikkei
revealed with a manufacturing PMI score of 52.2. That's down from
52.9 in October, although it remains above the boom-or-bust line of
50 that separates expansion from contraction.
Capital spending in Japan was up 4.5 percent on quarter in the
third quarter of 2018, the Ministry of Finance said on Monday - shy
of expectations for an increase of 8.5 percent and down from 12.8
percent in the three months prior. Excluding software, capex added
just 2.5 percent - well shy of forecasts for 10.7 percent and down
from 14.0 percent in Q2.
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