Dollar, Treasury yields, stocks fall on Trump currency comments: HumSub.TV
Dollar, Treasury yields, stocks fall on Trump currency comments: HumSub.TV: The U.S. dollar turned lower along with Treasury yields and stocks on Wednesday after U.S. President Donald Trump said the dollar is getting too strong and that he would prefer the Federal Reserve keep interest rates low.
Trump, in an interview with the Wall Street Journal, also said he would not label China a currency manipulator.
“The market had a big reaction, but I think it was an overreaction because (Trump) may just be hedging his bets by making sure that the American public realizes he’s not backing down on trade. It’s just that he may not think now is the right time to brand China a currency manipulator,” said Kathy Lien, managing director, at BK Asset Management in New York.
“The dollar’s already under pressure, so I think any excuse for further pressure is likely to bring the greenback even lower.”
The U.S. dollar index .DXY, which measures the greenback against a basket of six other major currencies, was down 0.5 percent at its lowest since late March.
The dollar was down 0.4 percent against the yen JPY=, which is a favorite in uncertain times due to Japan’s position as the world’s largest creditor nation. The dollar fell 1.2 percent against the yen on Tuesday.
U.S. Treasury yields fell, with benchmark yields hitting a near five-month low due to Trump’s comments favoring low interest rates. Benchmark 10-year Treasury yields US10YT=RR were 3 basis points lower at 2.268 percent after hitting 2.259 percent, which was the lowest since Nov. 17.
The Dow Jones Industrial Average .DJI fell 59.44 points, or 0.29 percent, to end at 20,591.86, the S&P 500 .SPX lost 8.85 points, or 0.38 percent, to 2,344.93 and the Nasdaq Composite .IXIC dropped 30.61 points, or 0.52 percent, to 5,836.16.
While a weaker dollar would help profits at multinational companies, stocks turned lower after Trump’s comments, as he added “another wild card,” according to Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.
“We all know markets like fairly stable situations,” said Tuz. “Is this just another offhand comment from Donald Trump or does it really mean something and is it the start of a policy that you’ll see introduced soon?”
Trading Wednesday was also heavily influenced by rising U.S. tensions with Russia, North Korea and Syria after U.S. missile strikes in Syria last week and the moving of U.S. warships toward the Korean Peninsula.
Investor optimism had briefly improved during a joint press conference in Moscow held by U.S. Secretary of State Rex Tillerson and Russia’s Foreign Minister but the signs of optimism ebbed afterwards as it became clear officials did not seem any closer to agreement on Syria.
Oil prices ended lower after reversing earlier gains due to a report on U.S. crude stockpiles. Oil futures turned negative after eight straight sessions of gains on the U.S. inventory data suggesting persistent oversupply.[O/R]
Global benchmark Brent crude LCOc1 settled down 0.7 percent at $55.86 a barrel, while U.S. crude CLc1 settled down 0.5 percent at $53.11.
Dollar, Treasury yields, stocks fall on Trump currency comments: HumSub.TV
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Introduction
HumSub TV is Pakistan’s leading forwarding-thinking, edutainment channel, aimed at promoting and upholding peace, interfaith harmony and social responsibility within Pakistan through informative and insightful programmes and documentaries; analytical interviews on issues pertaining to social, economic, legal and environmental set-up; dedicated shows to canvass and thereby promote the culture and heritage of Pakistan and in-depth coverage of national and international news.
HumSub TV is the first channel and thus a pioneer within its own right that mainly focuses on emphasising the “Rights” as well as the “Obligations” of the citizens in light of the Constitution of Pakistan, numerous International declarations signed by the Government and various laws that have been promulgated over the years but are not in the knowledge of the common citizen.
HumSub TV also aims to enter into bilateral agreements with other countries to promote not only their culture, heritage and tourism, but also their educational and medical facilities.
Following the successful launch of HumSub TV’s head office in Blue Area, Islamabad; the bureau office has been set up in Lahore.
Vision
To project positive image building of Pakistan and inculcate nationalism, as per the vision of the founder of the nation, Quaid-e-Azam Mohammad Ali Jinnah.
Mission
HumSub TV is resolute about the promotion of a pluralistic, inclusive and egalitarian society in Pakistan where all citizens are allowed to contribute to promote interfaith harmony, peace and collective wisdom in the social, political and economic development of Pakistan and to encourage critical and lateral thinking in the society. HumSub TV strives to make a positive contribution to this end.
HumSub TV’s Theme
HumSub TV, Pakistan’s first EDUTAINMENT Channel, has been set up for not only those audience residing in Pakistan or overseas but the international community on the whole. The vision of the channel is to project positive image building of Pakistan and inculcate nationalism as per the vision of the founder of the nation.
HumSub TV strives to make a positive contribution to this end by promoting pluralism, inclusiveness and egality in Pakistan and give voice to the suppressed. It endeavors to act as a positive catalyst for social change and Pakistani nationalism. It envisions providing a platform for airing critical and lateral thinking and collective wisdom by inviting positive minded intellectuals and opinion forming individuals for the promotion of interfaith harmony and peace in the social, political and economic development of Pakistan.
Whereas the channel airs upbeat edutainment programmes, it, nonetheless, has the primary objective of countering negative anti-Pakistan regional and international propaganda as well as advancing fundamental rights as encapsulated in the Constitution of Pakistan.
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