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Asian currencies weakened strongly on Monday while the US dollar rallied after US President Donald Trump Gifs On several countries during the weekend.
THE dollar index – which measures the value of the greenback against several major global currencies – generated from 1.11% to 109.58.
The Chinese Yuan offshore fell 0.36% to 7.347 against the greenback, after Trump taxation by 10% of Chinese exports to large US investment banks, investment banks have planned the Yuan weakens an average of 7.51 for a dollar At the end of this year due to Trump prices.
Trump also imposed 25% rates in Canada and Mexico, two of the main business partners of his best. Canada and Mexico Immediately reprisal measuresWhile China seeks to challenge the functions of the World Trade Organization.
The Chinese markets are on a seven -day break until Tuesday for the new year lunar holidays.
India, which announced its objective on Saturday to reduce its budget deficit to 4.4% of GDP in its budget, saw The roupe falls At a lower 87.101 against the dollar, weakening 0.66%. Calls for a rate drop increased as the country’s growth has slowed down. The lower rates tend to weaken currencies.
THE Won South Korean depreciated from 0.83% to 1,467.65.
THE Yen Japanese weakened 0.19% to 155.47 compared to the dollar. Its drop was capped by the position of interest rates of the Banque of Japan. Boj vice-governor Ryozo Himino said last Thursday that the central bank Continue to increase interest rates If “the economy and prices are changing according to the bank’s forecasts”.
The central bank of Japan had increased interest rates by 25 basic points at 0.5% at its January meetingbringing them to their highest level since 2008.
THE Australian dollar Defined the wider weakness of Asian currencies, appreciating 1.51% to 0.6117 against the greenback.
“We are always wrapped in uncertainty, but what we know is that when Trump says he’s going to do something, we should take it. And I think that is why the markets react as they This morning, “Ray Attrill, a world leader in the National Australia Bank are this morning, said.
Speaking to CNBC “Asia Street Signs“Monday, Attrill noted that” we will see the Chinese currency go up “, which would in turn imply” the disadvantages of the equipment for many EM currencies (emerging market) “.
“”[Growth] The downgrades have not yet been passed, but believe me, they arrive, and it will be the enemy of this kind of professional growth currencies, “he added.
