Dollar stabilized after the Trump State of the Union case
2019-02-06 08:42 am | Resource: NEWS | No Views : 79
Dollar was trading against the major currencies after Trump's 2011 State of the Union address on Wednesday. Where Trump addressed a number of the most prominent issues on the US arena, most notably the trade war and the provisions of immigration
Trump's speech includes talking about business warfare
US President Donald Trump said in a State of the Union speech that any trade deal with China should address not only what he called the chronic US trade deficit but also change Chinese policies to protect US workers and companies.
"I greatly respect the president," said Xi Jinping, "and we are now working on a new business deal with China." "But it must include a real structural change to end unfair trade practices, reduce our chronic trade deficit, and protect US jobs."
US Trade Representative Robert Laitheiser and Treasury Secretary Stephen Menuchin are leading a delegation to Beijing next week in preparation for a meeting between Trump and Shi later this month. Trump blamed former administrations and lawmakers for "widening the deficit" among the world's two largest economies and said his pricing strategy was working.
"We are now making it clear to China that after years of targeting our industries and stealing our intellectual property, job theft and American wealth are over," he said. US and Chinese negotiators last week made progress in two days of talks in Washington, but US officials have said that so far no basic framework for the agreement has been set, while Trump set a March 1 deadline to reach a solution to the crisis before tariff increases on Chinese goods Worth $ 200 billion more than doubled to 25%.
"Two years after the president's empty words, the American people deserve real results," US House Speaker Nancy Pelosi told the State of the Union address, which President Donald Trump said. "We must take concrete steps to work with the Democrats." It would take "days to verify all the distortions made by the president tonight," she said, accusing him of "intimidating and shaping a border crisis."
Pelosi referred to the alleged contradictions in Trump's speech, such as his failure to propose plans to improve infrastructure, cut drug prices, or "abuse health care" and pledged to end the HIV epidemic. "The president spoke tonight about the honor of being in the House of Representatives, and all the progress made here, but at the same time, the US Congress threatened not to exercise its constitutional responsibility to oversee," Pelosi said.
Dollar trading after Trump's speech
- The dollar index settled against a basket of six major currencies at 96.072.
- The Australian dollar fell 1 percent to $ 0.7165.
- The euro was slightly lower at $ 1.3988 after dropping 0.25% the previous day to its lowest level since Jan. 28.
- Against the yen, the dollar was down 0.15 percent at 109.78 yen after recording a 0.4 percent overnight increase.
- The pound remained lower against the dollar to trade at $ 1.2950, its lowest since January 22.
Time frame Used - four hours The USD/JPY is moving in a sideway direction in the near term. The USD/JPY is still facing resistance and selling pressure around levels of 111.42 - 110.92 as the USD/JPY is floating in a narrow range and the USD/JPY is moving above the Bollinger's moving average line within the narrow range, indicating a potential price explosion but Not yet determined in any direction. In…
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