Published: Thu, May 18, 2017
Markets | By Lucia Cruz

Trump uncertainty pushes yen, Swiss franc to multi-week highs

Trump uncertainty pushes yen, Swiss franc to multi-week highs

The dollar gave up all its gains since the election of President Trump, undermined by uncertainty surrounding the legislative agenda amid political turmoil that also prompted a steep fall in US stocks and Treasury yields.

The euro has surged almost 1% against the dollar today - moving to $1.1076 - climbing 0.94% to its highest since Donald Trump was elected U.S. president in November, as the dollar weakened broadly on worries over his disclosure of information to Russian officials.

"(The story about Trump and Russia) probably is playing out as a weaker dollar on the view that Trump may not be around long enough to deliver his tax reform, which is at least partially priced into the dollar", said RBC Capital Markets currency strategist Adam Cole, in London.

The S&P 500 and Dow Jones was down slightly on Tuesday after a slew of mixed economic data and earnings while the Nasdaq hit another record as it was boosted by gains in technology stocks.

NEW YORK, May 16 The euro surged more than 1 percent against a broadly weaker dollar on Tuesday, rising above $1.10 to reach its highest since Donald Trump was elected USA president in November.

The ICE Dollar Index declined 0.2% to 98.05, down from 98.11 late Tuesday and touching levels last seen November 9, the day after Election Day. Though the White House has denied the allegation, there's mounting unease in markets over the developments in the USA government.

The dollar index, which measures the greenback's value against a basket of six major currencies, eased 0.1 percent to 98.805. But it fell to six-month lows on Tuesday.

The yen rose to 0.7 percent to 112.26 yen per dollar, its highest level since May 5, while the Swiss franc rose to 0.9820 francs per dollar, its highest since March 27.

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The U.S. currency dropped as much as 0.7% against the Japanese yen in morning trading in Asia on Wednesday.

Trump's economic proposals - slashing taxes, cutting regulation and pumping up infrastructure spending - lifted the USA dollar after the election because many thought they could give the American economy a shot in the arm.

Oil prices were little changed as traders awaited weekly US inventory data and after Kuwait joined top producers Saudi Arabia and Russian Federation in support of prolonging supply cuts through March 2018 to reduce a global crude glut.

UK's benchmark FTSE 100 closed up by 0.9 percent, the pan-European FTSEurofirst 300 ended the day up by 0.08 percent, Germany's Dax ended flat, France's CAC finished the day down by 0.2 percent.

Brent crude oil was up 30 cents at $52.12 a barrel by 0750 GMT.

Meanwhile the US Dollar is likely to come under further pressure this afternoon as domestic Industrial Production is expected to have slipped from 0.5% to 0.3% in April, adding further disappointment to the recent lacklustre economic data from the US.

In Hong Kong, the broader market .HSI rose to its highest level since June 2015 on the back of extended buying into Chinese lenders and market heavyweight Tencent 0700.HK before declining 0.6 percent. USA light crude CLc1 was 25 cents higher at $49.10 a barrel.

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