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Dollar stabilizes amid anticipation of trade war developments

2019-08-08 02:47 pm | Resource: News | No Views : 20

Dollar stabilizes amid anticipation of trade war developments

Dollar remained stable against a basket of currencies on Thursday, as strong Chinese export figures and Beijing's move to curb the devaluation of the yuan calmed investors' nerves as a renewed escalation in the US-China trade war.

"Trade dispute" between the United States and China escalated into a "trade war" - economists

Most economists surveyed by the Wall Street Journal in the first week of August prefer to classify the US-China trade dispute as a "trade war" as a result of the recent escalation of the conflict, the news agency reported on Thursday. .

Following US President Donald Trump's threat to impose a 10% tariff on all Chinese goods that have yet to be imposed after Washington described Beijing as a currency maneuver, 87% of respondents said the dispute had escalated to a point of "trade war," the Wall Street Journal reported. .
However, despite growing tensions, trade delegations from the world's two largest economies are expected to meet in September in Washington to continue their negotiations.

US wholesale inventories remained unchanged in June

On the data front, the US Census Bureau said on Thursday that wholesale inventories in the United States did not change in June compared with the revised level of the previous month at 678.7 billion dollars. Meanwhile, sales of wholesalers adjusted for seasonal changes and trading differences on the day but not due to price changes reached $ 498.5 billion in June, down 0.3% from the revised May level and a 0.2% decline from June 2018.

The ratio between inventories and wholesalers sales was 1.36, up from 1.26 in the same month last year

Dollar trades against currencies
  • The dollar index, which tracks the performance of the greenback versus a basket of six currencies, slipped 0.14% to 97.41 points,
  • The euro gained 0.03% to trade at $ 1.1207,
  • The pound fell against the dollar to trade at $ 1.2130
  • The Japanese currency was steady against its US counterpart at 106.15 yen.


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