The Chinese yuan is edging higher midweek after the federal government announced that it would be slapping anti-dumping duties on steel imports from major regional trading partners. This might be part of the nation’s strategy of “arduous efforts” to match this year’s industrial output growth target, particularly as protectionism and trade wars apply pressure on exports and affect the world’s second-largest economy.
The Japanese yen is softening to kick off the trading week after investors learned very little from a much-anticipated speech by the head of the Bank of Japan (BOJ). On Monday, central bank governor Haruhiko Kuroda disappointed investors when he said any monetary policy moves will depend on the performance of the national economy and global markets. Still, most economists believe the next move for the BOJ will be additional easing.
The US dollar is finishing the trading week higher against a handful of currencies as the market appears to be moving on from recent comments pertaining to the greenback’s valuation. With a Federal Reserve bank president discussing the need for action ahead of a crisis and some data to throw in the mix, it has been a fun ride for the dollar this week.
The Chinese yuan is struggling to find direction on Tuesday as the federal government released economic data that should trouble both officials and investors. Analysts do warn that the currency may get a lift on state stimulus amid the lingering trade dispute between the world’s two largest economies.
The Japanese yen gained intraday on risk aversion but has trimmed its gains by now. Currently, the yen trades above the opening level against the US dollar, flat versus the euro, and below the opening against the Great Britain pound.
The euro today declined significantly against the US dollar as the US 10-year Treasury yields hit a 7-year high and investors reacted to the prospect of lower global economic growth. The tensions between Italy and the European Union regarding the latter’s budget plans also dragged the pair lower.
The Japanese yen is rising modestly against its counterparts on Friday after new data suggests the country’s economic recovery is holding steady. But the International Monetary Fund (IMF) issued a report that urged Tokyo to take a breather and not declare victory just yet.
The Chinese yuan is strengthening on Tuesday after a Wall Street giant forecast that the world’s second largest economy will soon become the biggest economy in the world by 2030. The currency’s gains were capped on the intensifying trade dispute between Beijing and Washington, as well as a report that China may scrap a popular home pre-sale system.
The Japanese yen is holding steady on Monday as the national economy grew at its fastest pace in two years during the second quarter. Japan’s economic outlook for the rest of 2018 might be gloomy because of recent natural disasters and potential trade tensions with the US.
The South African rand is sliding to its lowest level in more than a week after the government warned of a national “catastrophe” should its controversial land reform program fail to take place. South Africa has been under the spotlight in recent months after domestic leaders have been pressing land reform as a way to eliminate inequality and facilitate racial justice, something that has drawn international support.
