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25 July 2018, 02:13 | Vera Richards
The US currency fell the most in the past three weeks against six major currencies
China on Monday said it has no intention to spur exports through competitive devaluation of its currency, rejecting the United States' accusations of manipulating the exchange rate of the yuan.
"Against the global backdrop where the Fed is expected to tighten further, relaxing monetary policy could create a negative impact on the (Chinese) exchange rate", analysts at China Merchants Bank said in a note on Monday. The major traded 0.1 percent up at 1.3137, having hit a low of 1.2957 on Thursday; it's lowest since September 2017. The European currency traded 0.1 percent down at 1.1710, having touched a high of 1.1749, its highest since July 11.
Supporting the market early in the session was a follow-through rally related to last week's plunge in the U.S. Dollar, which was fueled by comments from U.S. President Donald Trump.
The dollar index fell 0.77 percent, with the euro up 0.74 percent to $1.1727.
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United States Treasury Secretary Steven Mnuchin said there's no chance of a currency war erupting. Japan's Nikkei stumbled 1.4 percent, Australian shares and South Korea's KOSPI index fell 0.9 percent each.
Asian stocks took Wall Street's cue on Monday with MSCI's broadest index of Asia-Pacific shares outside Japan falling 0.2 percent.
"The dollar is an important issue today especially because we have been on a rise for quite a long time", said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin, Texas.
On top of the policy easing, analysts also cited new rules governing financial institutions' wealth management and asset management businesses for the jump in shares, noting they are less stringent than expected.
The White House decision on increasing tariffs on goods from China and European Union raised concerns about protectionism in global economy and are projected to chance balances in global trade.
In yet another public institution that has had its supposed independence violated by the President, Trump expressed his vexation about the Fed's rate hiking policy, particularly as it relates to a strongly appreciating Dollars. Worldwide benchmark Brent crude was trading 1.4 percent up at $73.97 per barrel by 1014 GMT, having hit a low of $71.19 on Wednesday, its lowest since April 17. The US Dollar Index tumbled on the back of the news, reversing what was a short-term uptrend, to post a 0.7 per cent loss.
Elsewhere in Canada, the Loonie rose against its US counterpart despite the weaker inflation data in the country where the annual Canadian CPI came lower than expected by 0.1 to be steady at 1.3 percent.
Spot gold was little changed near a one-week high at $1,229 an ounce while US gold futures for August delivery were marginally lower at $1,229.80 an ounce.
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