Email Facebook Twitter

London South East Natural Resources Briefing webcast: #Emmerson #Alba #Condor Gold #Gold analysis
Angus Energy in talks to buy 'transformational' gas asset in North England

Finance & Stock Market News

FOREX-Trade tensions support dollar, euro dips before elections

Thu, 16th May 2019 14:27

(New throughout, updates trading and comments to U.S. market open, new byline, changes dateline, previous LONDON) By Karen Brettell NEW YORK, May 16 (Reuters) - The U.S. dollar rose to its highest levels in a week against a basket of currencies on Thursday as investors focused on trade war tensions, while the euro was hurt by concerns about this weekend’s European parliamentary elections. The euro was boosted on Wednesday by reports that U.S. President Donald Trump is expected to delay a decision on imposing tariffs on imported cars and parts by up to six months, avoiding opening yet another front in his global trade battles. Until a delay is official, however, investors remain nervous about a new trade war and how it may affect the global economy. The dollar has benefited as a safe-haven currency even as the United States and China are locked in a trade dispute. “The major theme is, is there enough room to fight multiple trade wars at once?,” said Mark McCormick, North American head of FX strategy at TD Securities in Toronto. “We had some green shoots of global economic stabilization the last five months and now I think the concern is whether or not renewed trade wars will sap some of that confidence and whether or not that, along with some of the slowdown we’re seeing in the U.S. economy, will tip the global economy back into a less stable state,” McCormick said. Criticisms of European Union policy by Italian deputy Prime Minister Matteo Salvini has also made investors nervous ahead of elections in the region. Salvini said on Wednesday that EU budget rules were "starving the continent" and must be changed, a day after saying Italy should be ready to break them. "The risk is that we get more populist comments, such as from the Italian Deputy PM. Italy remains one of the factors keeping euro downside risks high," said Credit Agricole FX strategist Manuel Olivieri. The greenback was also bolstered on Thursday by data that showed U.S. homebuilding increased more than expected in April, while a Philadelphia Fed index of business conditions gained in May. The Australian dollar weakened after data showed that the country’s unemployment rate rose to its highest in eight months, cementing views its central bank may be forced to lower borrowing costs soon to stimulate the economy. ======================================================== Currency bid prices at 9:20AM (1320 GMT) Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid Previous Change Session Euro/Dollar EUR= $1.1186 $1.1200 -0.13% -2.47% +1.1225 +1.1185 Dollar/Yen JPY= 109.7400 109.5800 +0.15% -0.47% +109.7900 +109.3400 Euro/Yen EURJPY= 122.77 122.74 +0.02% -2.73% +122.9600 +122.5500 Dollar/Swiss CHF= 1.0103 1.0087 +0.16% +2.94% +1.0106 +1.0074 Sterling/Dollar GBP= 1.2798 1.2848 -0.39% +0.32% +1.2861 +1.2794 Dollar/Canadian CAD= 1.3426 1.3437 -0.08% -1.55% +1.3449 +1.3400 Australian/Doll AUD= 0.6910 0.6927 -0.25% -1.97% +0.6933 +0.6894 ar Euro/Swiss EURCHF= 1.1304 1.1296 +0.07% +0.44% +1.1317 +1.1292 Euro/Sterling EURGBP= 0.8739 0.8721 +0.21% -2.73% +0.8749 +0.8715 NZ NZD= 0.6561 0.6561 +0.00% -2.32% +0.6582 +0.6546 Dollar/Dollar Dollar/Norway NOK= 8.7157 8.7141 +0.02% +0.89% +8.7231 +8.6830 Euro/Norway EURNOK= 9.7512 9.7633 -0.12% -1.56% +9.7780 +9.7347 Dollar/Sweden SEK= 9.6131 9.5991 +0.02% +7.24% +9.6166 +9.5780 Euro/Sweden EURSEK= 10.7550 10.7530 +0.02% +4.78% +10.7745 +10.7381 (Additional reporting by Abhinav Ramnarayan in London; editing by Jonathan Oatis)

(c) Copyright Thomson Reuters 2019. Click For Restrictions -

Back to Finance News

Share Price, Share Chat, Stock Market news at
FREE Member Services
- Setup a personalised Watchlist and Virtual Portfolio.
- Gain access to LIVE real-time Regulatory News (RNS).
- View more Trades, Directors' Deals, and Broker Ratings.
Share Price, Share Chat, Stock Market news at

Datafeed and UK data supplied by NBTrader and Digital Look. While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.