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Dollar strengthens on US-EU trade deal

MacDailyNews

Jul 28

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The dollar strengthened against major currencies on Monday following a U.S.-EU framework trade agreement, part of a series of deals to prevent a global trade war, as investors awaited U.S. and Japanese central bank meetings. On Sunday in Scotland, American President Donald Trump and European Commission President Ursula von der Leyen announced the deal, which includes a 15% import tariff on EU goods and a 0% tariff on U.S. exports.

Rocky Swift and Alun John for Reuters:
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“The mood music on U.S. trade negotiations has been a little brighter following agreements with Japan and the EU,” said Paul Mackel, global head of FX research at HSBC. “If more trade deals are reached, this could help to reduce this source of policy uncertainty that has weighed against the dollar, at least for now. It could also see other factors such as relative yields becoming more influential.”
The euro was last down 0.7% at $1.16530 , set for its biggest daily fall in 10 weeks… The euro also fell against the yen and sterling, having hit a one-year high on the Japanese currency and a two-year high on the pound at the start of trade. The dollar was stronger elsewhere, up 0.5% on the yen at 148.37, and strengthening against the pound, which was 0.24% lower at $1.3413… The dollar also climbed against the safe-haven Swiss franc, up 0.74% at 0.8011 francs.
In addition, quarterly results are due in coming days from Apple, Microsoft, Amazon, and Facebook parent Meta Platforms four of the whose stocks heavily influence benchmark indexes. They matter for currency investors if strong results cause an acceleration of flows back into U.S. assets.

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MacDailyNews Take: So, expect Apple to note headwinds on international sales during its fiscal Q325 conference call this Thursday evening.

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