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Stable rise of the dollar is continuing

Stable rise of the dollar is continuing

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Erik Holm - Head of media

During today’s Asian trading, the US dollar is rising slightly against major world currencies. The attention of the markets is focused on news regarding US foreign trade policy.

US sales spokesman Robert Lightheiser said Washington impose import duties at a rate of up to 100% on French goods of up to $2.4 billion in response to France’s digital tax discriminating against US companies.

Yesterday, US President Donald Trump announced the restoration of barrage duties on the import of steel and aluminum products from Argentina and Brazil. The head of state expressed dissatisfaction with the depreciation of the national currencies of these countries, which makes their supplies to the States more competitive.

As of 7:00 GMT, the euro was worth $1.1074 against $1.1079 at the close of the last session. Yesterday, the dollar fell by 0.56% against the euro, which was the largest drop since September 17.

The ICE Dollar Index, which shows the value of the US dollar against six major world currencies, is growing at 0.06% compared to the previous day. The WSJ Dollar indicator, which tracks the dynamics of the dollar against 16 major world currencies, is adding 0.02%.

The pound is slightly more expensive against the dollar, at 7:00 GMT it was $1.2942 against $1.2939 on the previous business day and 1.1686 euros against 1.1680 euros.

USD rose due to a progress in Trade Conflict

USD rose due to a progress in Trade Conflict

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Jim Anderson - Public Relations

On Wednesday in Asia, the US dollar added slightly after US President Donald Trump announced that Washington and Beijing are in the “final stages of a very important deal”. This gave hope for the signing of the agreement and the suspension of the 16-month trade conflict. However, Trump also expressed support for the demonstrators in Hong Kong, a sore point in relations with China.

On Tuesday, the Chinese Ministry of Commerce stated that phone conversation was held between representatives of the countries and “a consensus was reached on resolving key issues”, but didn’t provide additional details. The call was later confirmed by US officials, but they also noted that obstacles still persist.

Futures on the US dollar index rose 0.1% to 98.270 at 00:00 New York time. US stock and bond markets will be closed on Thanksgiving Thursday. The EURUSD fell by 0.1% to 1.1008. Eurozone inflation data for October will be released on Friday. The GBPUSD rose by 0.1% to 1.2851. The pair USDJPY rose by 0.1% to 109.14. The AUDUSD pair fell by 0.2% to 0.6770.

Bitcoin dropped below 6.963.7, a decline of 3%

Bitcoin dropped below 6.963.7, a decline of 3%

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Jim Anderson - Public Relations

The Bitcoin cryptocurrency fell below $6.963.7 on Wednesday. During the day, the Bitcoin was trading at 6.963.7 at 9:03 GMT according to the Investing.com index, dropping by 2.97%. This was the largest currency depreciation since November 24.

The downward movement reduced the market capitalization of Bitcoin to $129.3B, or to 65.04% of the total capitalization of all cryptocurrencies. Earlier at the highest value, the market capitalization of the Bitcoin cryptocurrency was $241.2B.

The Bitcoin cryptocurrency has been trading at between $6.961.4 and $7.183.8 in the past 24 hours. Over the past 7 days, the Bitcoin has shown a drop in value by 12.25%. The Bitcoin volume over the past 24 hours has amounted to $18.4B or 28.76% of the total volume of all cryptocurrencies. It has been trading at between $6.534.7690 and $8.129.6040 over the past 7 days.

At the moment, the Bitcoin still showed below 64.95% of its peak value, amounting to $19.870.62, which were reached on December 17, 2017.

The pound rose because of hopes for Brexit

The pound rose because of hopes for Brexit

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Erik Holm - Head of media

On Monday, the pound rose amid expectations that the conservative party would win the upcoming elections and Britain would leave the European Union, as planned. British Prime Minister Boris Johnson has promised to hold the Brexit deal in parliament before Christmas. The Conservative Party leads the polls before the December 12th election.

By 10:00 London time, the GBPUSD pair rose by 0.4% to 1.2883, while the EURGBP pair fell by 0.4% to 0.8553. The EURUSD pair remained at 1.1020 after the publication of the German Ifo index, which showed that business confidence in Germany increased this month and the Eurozone’s largest economy avoided a recession. The Ifo business sentiment index rose to 95.0 from 94.7 in October, but the Munich Institute warned that Germany’s manufacturing sector is still in recession.

Yuan Rises After China Key Rate is Reduced

Yuan Rises After China Key Rate is Reduced

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Jim Anderson - Public Relations

On Monday, the Chinese yuan rose in Asia after the country’s central bank lowered its key liquidity rate for the first time since 2015.

In the morning on Monday, the USD/CNY currency pair rose by 0.1% to 7.0112. For the first time since October 2015, the People’s Bank of China lowered the interest rate on seven-day repurchase agreements. The country aims to increase business confidence after a series of weak economic data releases last week.

The US dollar index fell by 0.1% to 97.810. on Wednesday, the Fed will release the October meeting protocol, and several regulator representatives will address the upcoming Thanksgiving holiday.

Chinese-US trade negotiations are making progress. Xinhua, China’s state-run news agency, said on Saturday in a phone conversation that Vice Premier Lui He discussed the conclusion of the first stage of the deal with US Secretary of the Treasury Stephen Mnushin and US Trade Representative Robert Lighthizer.

The parties held a “constructive discussion” of “the main subjects of concern”, the article said. The U.S. sales representative confirmed that the call had taken place.