North Korea ballistic missile flew 2,700 km?!
· A North Korean ballistic missile launched on Tuesday from near the capital of Pyongyang flew about 2,700km (1,677 miles) and reached an altitude of about 550 km, South Korea’s military said.
The missile was fired at around 2057 GMT Monday and flew over Japan, South Korea’s Joint Chief of Staffs said, adding that it and the U.S. military are analyzing more information.
· Japanese Prime Minister Shinzo Abe said on Tuesday he would do all in his power to protect the Japanese public after North Korea fired a missile that passed over the country’s territory.
“We will make utmost efforts to firmly protect the lives of the people,” Abe told reporters in brief remarks as he entered his office for emergency meetings on the missile firing.
· The dollar slumped to a four-month low against the yen early on Tuesday after North Korea fired a missile that passed over northern Japan, the latest act of provocation by Pyongyang that has ramped up tensions in the region over the past month.
The dollar had also weakened after Tropical Storm Harvey paralysed Houston, Texas, spurring worries about the storm's potential impact on the U.S. economy.
- The dollar was down 0.55 percent at 108.660 yen JPY= after hitting 108.330, its lowest since April 18.
- The euro was down 0.1 percent at $1.1965 EUR= following an ascent to $1.1986, its highest since January 2015.
- The dollar index against a basket of six major currencies was steady at 92.274 .DXY after slipping as low as 92.137, its weakest since May 2016.
· President Donald Trump said on Monday he hoped a government shutdown would not be necessary over his demand that the U.S. Congress fund his proposed wall along the southern border with Mexico. “One way or the other Mexico is going to pay for the wall,” said Trump.
· Trump also said he would probably need to terminate the North American Free Trade Agreement treaty to get what he considers a fair trade deal with U.S. economic partners Mexico and Canada.
· U.S. President Donald Trump last month rejected a Chinese proposal to cut steel overcapacity, despite the endorsement of some of his top advisers, the Financial Times said, citing people familiar with the matter.
Beijing proposed cutting steel overcapacity by 150 million tonnes by 2022 in a deal twice rejected by Trump, who instead urged advisers to find ways to impose tariffs on imports from China, the paper said, citing the sources.
· The European Union’s chief negotiator Michel Barnier said on Monday he was concerned at the slow progress of Brexit talks, while his British counterpart David Davis called for “imagination and flexibility” to move on.
· U.S. crude settled down $1.30, or 2.7 percent, at $46.57 a barrel.
· U.S. crude oil futures fell on Monday but gasoline prices surged to 2-year highs as Tropical Storm Harvey kept hammering the U.S. Gulf Coast, knocking out several refineries, which backed up crude supplies and disrupted fuel production.
The U.S. dollar dropped to its lowest in roughly 16 months against a basket of major currencies and a more than2-1/2-year low against the euro, following comments from central bankers on Friday and worries over the storm hurting the U.S. economy.
· Harvey made landfall in Texas late on Friday as the most powerful hurricane to hit the region in more than50 years and caused large-scale flooding, forcing refineries in the area to close.
· U.S. crude futures fell as the refinery shutdowns could reduce demand for American crude.
Reference: Reuters
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