President Trump has rediscovered the currency topic, tweeting yesterday that both Russia and China are playing an unfair devaluation game against the Americans, notes the research team at Danske Bank.
“USD sold off on this and extended losses against most peers in Asian trading this morning, with EUR/USD trading at 1.238 at the time of writing. We do not think that China is keeping its currency artificially weak to gain a competitive advantage and neither does the US Treasury department in its latest currency report, where none of the US's primary trading partners were labelled a currency manipulator. Instead, we think the rhetoric is clearly linked to the ongoing trade dispute with China, where the next round of escalation could start this week.”
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