1. Home >
  2. Export Import News >
  3. Foreign Exchange >
  4. FOREX-Dollar topples from two-month high as Wall Street worries persist >
  5. FOREX-Dollar topples from two-month high as Wall Street worries persist

Online Export Import Data Search

Recent Searches: No Recent Searches
Complete Training Video : Click Here

FOREX-Dollar topples from two-month high as Wall Street worries persist.

Date: 27-10-2018
Subject: FOREX-Dollar topples from two-month high as Wall Street worries persist
The U.S. dollar followed Wall Street lower on Friday, falling from the two-month high hit earlier in the day after news of stronger-than-expected third-quarter gross domestic product. U.S. stocks were off their lows late Friday, but remained down for the day, as concerns about a slew of disappointing earning forecasts persisted, showing how tariffs, rising wages and higher borrowing costs, as well as jitters over geopolitical events, are hurting companies.

“People are still worried about the U.S. earnings season,” said Thierry Wizman, global interest rates and currencies strategist at Macquarie Group.

The dollar index fell as much as 0.57 percent against a basket of six rivals as Wall Street sold off, last at 96.43 . The move ended a losing streak for the euro, which has fallen 1.85 percent this month on pessimism about Italian budget talks – and fear of contagion across the bloc. Against the euro , the dollar fell as much as 0.71 percent, last at $1.140.

Safe-haven currencies moved in lock-step with U.S. stocks. In afternoon trade the Japanese yen was up for the day, but as stocks recovered, the yen had retraced almost all the gains it had made on the initial dollar drop. The move in the Swiss franc was similar, weakening in the afternoon after having risen to its highest since Aug. 20 this morning.

The U.S. economy slowed less than expected in the third quarter, the Commerce Department reported, as the strongest consumer spending in nearly four years and a surge in inventory investment offset a tariff-related drop in soybean exports. Net exports took 1.8 percent off of the GDP figure, said Greg Anderson, global head of FX strategy at BMO Capital Markets.

The exchange of tariffs between the United States and China has lifted the value of the dollar, which serves as a safe haven in times of geopolitical turmoil. While a strong currency benefits U.S. assets, it also raises the cost of imports and exports, which can slow growth.
The GDP report also showed the Fed’s preferred inflation gauge, the personal consumption expenditures (PCE) price index excluding food and energy, missed expectations after it increased 1.6 percent in the third quarter. The core PCE price index rose at a 2.1 percent pace in the April-June period.

Soft inflation data also boosted the dollar. Despite the strong headline growth, it may give the Federal Reserve a reason to pause its rate-hiking cycle at the Federal Open Market Committee meeting in December, said Anderson.

Source: financialexpress.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Exim Help

What is New?

Date: 22-10-2019
TRADE NOTICE NO. 37/2019-20
Mis - declaration of imported goods under 'Others' category of ITC (HS), 2017, Schedule-I (Import Policy)-reg.

Date: 18-10-2019
Notification No. 77/2019- Customs (N.T.)
Road from Nongjri (Barapunji), East Khasi Hills District, Meghalaya, to Kalairag (Bangladesh) between BP No. 1251/11-S-12-S

Date: 18-10-2019
Notification No.25/2015-2020
Incorporation of new provision in the Foreign Trade Policy 2015-20 about cases referred to National Company Law Tribunal (NCLT).

Date: 18-10-2019
PUBLIC NOTICE NO. 39/2015-2020
Incorporation of new provision in the Handbook of Procedure 2015-20 about cases referred to National Company Law Tribunal (NCLT).

Date: 17-10-2019
Notification No.76/2019 - Customs (N.T.)
Exchange Rates Notification No.76/2019-Custom (NT) dated 17.10.2019

Date: 16-10-2019
Notification No. 57/2019-Customs (N.T./CAA/DRI)
Appointment of CAA by DGRI - reg.

Date: 15-10-2019
Notification No. 75/2019-CUSTOMS (N.T.)
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver- Reg

Date: 15-10-2019
Seeks to impose anti-dumping duty on imports of Flat rolled product of steel, plated or coated with alloy of Aluminium and Zinc originating in, or exported from China PR, Vietnam and Korea RP.

Date: 14-10-2019
Notification No. 56/2019-Customs (N.T./CAA/DRI)
Appointment of CAA by DGRI - reg.

Date: 11-10-2019
No. 04/2019- Customs
Clarification regarding inclusion of cesses, surcharge, duties, etc. levied and collected under legislations other than Customs Act, 1962, Customs Tariff Act, 1975 or Central Excise Act, 1944 in Brand Rate of duty drawback

Exim Guru Copyright © 1999-2019 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.


C/o Infodrive India
E-2, 3rd Floor, Kalkaji Main Road
New Delhi - 110019, India
Phone : 011 - 40703001