Dollar falls as Trump accuses ‘China, European Union of currency manipulation

Dollar falls as Trump accuses ‘China, European Union of currency manipulation

Dollar falls as Trump accuses ‘China, European Union of currency manipulation

Hong Kong stocks also ended higher, as the sharp rebound in Chinese stocks lifted sentiment.

Short-term bond yields inched higher.

The S&P 500 Index slipped less than 0.1 percent to 2,801.83 as of 4:08 NY. The Russell 2000 index of smaller-company stocks fell 4.50 points, or 0.3 percent, to 1,696.81.

Stocks have wobbled this week as investors reacted to solid company results and heightened trade tensions.

U.S. President Donald Trump yesterday said he was ready to impose tariffs on all $500 billion of imported goods from China, threatening to escalate a clash over trade policy that has unnerved financial markets.

In this sense, rather than closing American doors to China at a time when China is inviting the world's goods and capital into its substantial and expanding domestic market, Trump could opt for a strategy whereby new deals are cut allowing for the dropping of U.S. tariffs on Chinese imports while garnering specific agreements from Beijing to allow more United States goods than ever before to be sold on the Chinese market. The Trump Administration announced a 2nd possible round targeting $200-B worth of goods on 10 July.

The dispute between the world's two largest economies stems from accusations that China steals technology from USA companies or forces them to hand over technology to Chinese companies as well as differences over the US trade deficit with China.

Brookings Institution Fellow Joseph Parilla said governors don't decide US trade policy but can engage in direct economic diplomacy to encourage investment, while funding things like education and research at home.

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Benchmark U.S. crude added 1.4 percent to $70.46 a barrel in NY and Brent crude, used to price worldwide oils, gained 0.7 percent to $73.07 a barrel in London. Representatives of the auto industry asked Congress to oppose that move on Thursday. The yield on the 2-year Treasury note rose to 2.60 percent from 2.59 percent.

"They're making money easy and their currency is falling", Trump said on "Squawk Box".

Elsewhere, industrial conglomerate Honeywell rose 3.7 percent to $153.01 after it raised its forecast for the year. But concerns about U.S. The stock sank 23 percent to $25.61.

BONDS: Bond prices fell.

Benchmark 10-year USA notes last fell 13/32 in price to yield 2.895 percent, from 2.847 percent late on Thursday.

YUAN DECLINES: The People's Bank of China weakened the country's currency against the dollar on Friday. If the yuan continues to depreciate, goods exported to China will become more expensive to consumers there and Chinese exports would also be relatively cheaper. The yuan has been skidding since February, mostly because of slower economic growth in China and rising interest rates in the U.S.

Gold increased for the first time in six trading sessions, climbing 0.6 percent to $1,230.21 an ounce.

European markets were not immune to the jitters. Germany's 10-year yield rose four basis points to 0.37 percent. Britain's FTSE 100 gave up 0.3 percent. Japan's Nikkei 225 fell 0.3 percent. In some relevant currency pairs, the Japanese Yen returned to vogue as traders sought safe havens, falling from above 1.13 all the way back to 111.40 against the USD at time of writing; and the AUD/USD rebounded 0.7 per cent following two days of being trounced to now trade back over the 0.7400 handle. The euro rose to USD1.1655 from USD1.1644.

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