The dollar was bouncing back towards its 14-year high against a basket of major currencies on Tuesday as the yen quickly gave up some of its gains following deadly incidents in Turkey and Germany.President-elect Donald Trump isn’t even in office yet, and he’s already delivered a helpful boost to the economy -- the Japanese economy. At the end of a year of gloomy announcements, the Bank of Japan has raised its growth forecast for next year, and Trump deserves much of the credit.
The main reason for the BOJ’s improving mood is the fall in the yen, which will help boost Japanese exports. And the main reason for the fall in the yen? The strong dollar -- reflecting in part the prospect of Trumpian tax cuts and new infrastructure investment, which would increase U.S. public borrowing and accelerate the coming rise in U.S. interest rates.
U.S. President-elect Donald Trump plans to put his pick for Commerce Secretary, billionaire investor Wilbur Ross, in charge of his get-tough trade policy, a transition team spokesman said on Tuesday.
It is a signal of how Trump, who is also interviewing candidates to be the U.S. Trade Representative (USTR), plans to elevate a crackdown on competitors in the world market and the overhaul of trade deals that he says have hurt U.S. factory jobs.
The USTR will not be merged with Commerce, but Trump transition team spokesman Jason Miller made clear that most trade policy decisions would be steered by Ross, who made a good part of his fortune by investing in distressed steel companies that benefited from stiff import tariffs imposed by former President George W. Bush in the early 2000s
Oil prices nudged higher on Wednesday on expectations of a U.S. crude inventory draw, although trading activity was muted as markets start to wind down ahead of the Christmas weekend.
U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were trading at $53.56 per barrel at 0634 GMT, up 26 cents from their last settlement.
International Brent crude oil futures LCOc1 were at $55.57 a barrel, up 22 cents.
Reference: Reuters,Bloomberg
Thai
Eng