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Asian currencies weakened sharply on Monday, as the US dollar rose after US President Donald Trump slapped the definitions of several countries during the weekend.
the The dollar index – which measures the value of the green back against several major global currencies – increased 1.11 % to 109.58.
The Chinese yuan in the yuan decreased by 0.36 % to 7.347 against Greenback, after Trump imposed a 10 % duty on Chinese exports to the main investment banks in the United States, expecting the yuan to weaken to $ 7.51 per dollar by the end of this year due to Trump’s tariff.
Trump also imposed a 25 % tariff on Canada and Mexico, one of its best commercial partners. Canada and Mexico immediately pledged retaliatory measures, while China is looking to challenge the duties of the World Trade Organization.
Chinese markets at a break for seven days until Tuesday to spend the lunar day.
India, which announced on Saturday its goal to reduce its financial deficit to 4.4 % of GDP in its budget, saw, Rupee To the lowest standard level of 87.101 against the dollar, weakens 0.66 %. The calls for lowering prices may grow as the country’s growth slows down. Low rates tend to weaken currencies.
South Korea won 0.83 % to 1,467.65.
Japanese yen weakened 0.19 % to 155.47 against the dollar. His position has been determined by the Bank’s Banking Bank. According to the deputy governor of the Boj Ryozo Himino team, last Thursday, the central bank would do Continue to raise interest rates If “economics and prices are in line with the bank’s expectations.”
The central bank in Japan raised interest rates by 25 basis points to 0.5 % at its meeting in January, which raised it to its highest levels since 2008.
the Australian dollar Challenge the broadest weakness in Asian currencies, with an estimated 1.51 % to 0.6117 against Greenback.
“We are still wrapped in uncertainty, but what we know is that when Trump says he will do something, we must take it in his speech. I think this is the reason that the markets interact with the way you are this morning, this morning, and Ray Atour said, the president. International for foreign creativity in the National Bank of Australia.
Speaking to “Street Signs in the Street” on Monday, Attrill indicated that “we will see the Chinese currency moving up, which in turn means” the negative material side of many EM (emerging) currencies. “
He added: “(Growth), the declines have not yet come, but believe me, they are coming, and that will be the enemy for this type of professional periodic currency.”
