Trump failure on healthcare sends dollar to 10-month low

19 July, 2017, 02:34 | Author: Terri Saunders
  • Japan Financial Markets

The pair made session high at 1.1583 and hit lows at 1.1542 levels.

"If the bills won't pass, there will be no money for tax cuts".

Weighing on the greenback, two more Republican Senators, Jerry Moran and Mike Lee, announced their opposition on late Monday to a revised Republican healthcare bill, delivering a serious blow to the legislation.

In four weeks dominated by expectations that by doubts over the Federal Reserve's ability to raise interest rates further, and signs that other major central banks are finally turning more hawkish, the dollar is now down more than three per cent. The euro was up 0.66 percent to $1.1555 against the dollar.

The New Zealand dollar slipped 0.6 percent to $0.7278 after data showed consumer price inflation was flat in the second quarter, below the 0.2 percent expected by analysts in a Reuters poll, and sharply lower from the 1.0 percent posted in the first quarter. Consumer prices rose by 2.6 percent compared with a year earlier, the Office for National Statistics said on Tuesday, down from a almost four-year high of 2.9 percent in May.

Economists had expected inflation to remained unchanged at 2.9%. Higher interest rates have generally supported the dollar in recent months.

The greenback has also weakened against the Canadian dollar and the British pound.

The U.S. dollar sank to a 10-month low as the latest collapse of President Donald Trump's efforts to deliver a new healthcare bill added to worries about the pace of U.S. growth.

Oil prices rose slightly as solid demand soaked up some of what is seen as an oversupplied market, but Ecuador's decision to opt out of a supply reduction complicated the outlook for an OPEC-led cut agreement.

In contrast, central bank policymakers in the euro zone, the United Kingdom and Canada have recently signalled they could adjust their policies, with the Bank of Canada raising rates last week for the first time since 2010. The currency has gained almost 7 percent since the central bank turned hawkish in June.

Japan Financial Markets
Trump failure on healthcare sends dollar to 10-month low

The Canadian dollar scaled a 14-month high of C$1.2627 on Monday before easing a tad on weak Canadian home sales data. The currency's weakest level was C$1.2702, while it touched its strongest since May 2016 at C$1.2581.

MSCI's gauge of stocks across the globe shed 0.08 percent after touching an all-time high on Monday.

Kit Juckes, a strategist at Societe Generale, said the dollar is "looking tarnished not because there's anything very negative facing it but because the Fed is no longer alone in tightening monetary policy".

The latest data is likely to reinforce the central bank's view that it is in no rush to hike interest rates. The mood was clearly brighter, with the word "positive" appearing repeatedly in the five-page statement.

The U.S. dollar slumped against major currencies on Tuesday after Republicans abandoned their latest plan to repeal Obamacare. Spot gold added 0.7 percent to $1,242.04 an ounce.

The Dow Jones Industrial Average fell 85.09 points, or 0.39 percent, to 21,544.63, the S&P 500 lost 2.32 points, or 0.09 percent, to 2,456.82.

That the move overnight was more about politics than interest rates, however, was visible in dollar-yen moves.

However, prospects for US economic reform are not the only factor seen pressuring the USA dollar later this year. Those yields earlier touched a two-week low of 2.849 percent.

Money market instruments are now pricing in less than 50 percent chance of a rate increase for the rest of the year.

Benchmark Brent crude settled up 42 cents to $48.84 a barrel, while USA light crude oil settled up 38 cents to $46.40.

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