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US Treasury Secretary denies any chance or a currency war

US Treasury Secretary denies any chance or a currency war

In an exclusive interview with CNBC's Joe Kernen that aired Friday, Trump expressed frustration with the Fed's recent move to raise interest rates and said the central bank could disrupt the US economic recovery.

The dollar index is so far up 2.4 percent this year. The dollar index went as deep as 94.207 on Monday, the lowest in more than two weeks.

The Chinese Foreign Ministry also said that threats and intimidation on trade would never work on China, after U.S. President Donald Trump said he was ready to impose tariffs on all $500 billion of goods imported from the country.

MSCI's broadest index of Asia-Pacific shares outside Japan .miapj0000pus was up a touch waiting for other markets to open.

Monday's continuation of trade angst sees Japan's Nikkei 225 index down around 1.3% so far, while the Tokyo Topix index is relatively unharmed at -0.14%; Shanghai's CSI 300 index is in the red for -0.15%, and Hong Kong's Hang Seng index is down -0.2% for Monday.

On Monday, the State Council, China's cabinet, said the country would adopt a more "vigorous" fiscal policy, while in an unexpected move, China's central bank lent 502 billion yuan ($74.36 billion) to financial institutions via its one-year medium-term lending facility (MLF), stepping up efforts to support lending as growth slowed.

Fed non-voter Bullard spoke with a dovish tone when he stated that U.S. rates were high by global standards, that Fed forecasts indicate further gradual tightening but that curve inversion may be imminent and would be a bearish signal. The Reuters report also added to the yen's strength, which was last up 0.3 percent at 111.07 per dollar.




Investors are now looking ahead to an important meeting between Trump and European Commission president Jean-Claude Juncker. China retaliated on the first wave of tariffs by slapping duties on the same dollar amount of US imports, and Beijing has said it'll fight against any further USA actions.

"China will suffer some damage from this trade war with the United States. and we have to take some countermeasures", the editorial stated.

"Nonetheless, the trade numbers that were released for Singapore and Japan were worse than expected".

The euro climbed for a third straight day to a two-week top of $1.1746.

US crude settled up 1.44 percent at $70.46, while Brent settled at $73.07, up 0.68 percent.

Benchmark 10-year US notes last fell 14/32 in price to yield 2.8968 percent, from 2.847 percent late on Thursday. U.S. West Texas Intermediate was trading 1.2 percent higher at $68.85 a barrel, after falling as low as $67.08 on Tuesday, its lowest since June 22. Worldwide benchmark Brent crude was trading 1.4 percent up at $73.97 per barrel by 1014 GMT, having hit a low of $71.19 on Wednesday, its lowest since April 17.

US gold futures for August delivery were 0.3 percent higher at $1,234.20 an ounce.

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