February 24, 2024

Trump’s UK visit > Forex Highlights

Trump’s UK visit

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Trump’s UK visit had an awkward beginning. The US President criticized the UK Prime Minister in a British tabloid interview. Today the two will hold meetings and a joint news conference. Trump denounced May’s  “soft Brexit” plan implying that it would likely kill a new US-UK trade deal.

The U.S. and U.K. have shared a cultural, political and commercial bond that has long been called “the special relationship”. However, Trump’s presidency indicated a new era for the “special relationship”.  Prime Minister Theresa May said she hoped the two countries would “strong and close partners on trade, security and defense.”

President Trump has introduced policies not complying with EU and UK policies regarding the international deals, the refugees, the Middle East, climate change and on trade.

Trump’s position on trade has recently disturbed his relationship with the U.K. as an EU member, for now, which, however, unsuccessfully seeking an exemption to tariffs on steel and aluminum.

Thousands of protesters flood central London streets to protest against Trump’s UK visit.

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FOREX MARKETS

The dollar rose 0.2% against his six major traded rivals to a two-week high thanks to data showing China’s trade surplus with U.S. hit record. Εasing in trade tensions between the United States and China boosted the greenback.

The Yen hit a six-month low at 112.79 yen per dollar before recovering.

The Sterling remained 0.2 percent weaker on the day. For the week it is down 1%, its biggest weekly drop since late May, according to Thomson Reuters data.

The Euro fell to a nine-day low on Friday as U.S. inflation numbers boosted interest rate expectations. ECB minutes published on Thursday also weighed on the euro, showing that members remain dovish.

Oil fell on Friday set for big weekly declines, on oversupply concerns.

Sources: Reuters, CNN money, the guardian

PLEASE NOTE The information above is not investment advice.