• MTS Economic News_20170112

    12 Jan 2017 | Economic News


 

• The U.S. dollar nursed widespread losses on Thursday after President-elect Donald Trump's widely-awaited news briefing provided little clarity on future fiscal policies, disappointing bulls wagering on major stimulus.

The dollar index was nursing a grudge at 101.570 .DXY on Thursday, having been as high as 102.950 at one stage overnight.

The euro had rallied to $1.0594 EUR= from a trough of $1.0454, while the dollar eased to 114.91 yen from a top of 116.87.

• President-elect Donald Trump on Wednesday promised a "major border tax" on companies that shift jobs outside the United States, further pressuring American businesses days after Fiat Chrysler Automobiles NV said heavy tariffs could force the company to shutter Mexican plants.

On Wednesday, he returned to the issue in his first news conference since the election. Trump, who will be sworn into office on Jan. 20, warned of a "very large border tax" on companies that shift production to foreign countries.

"You want to move your plant, and you think, as an example, you're going to build that plant in Mexico, and you're going to make your air conditioners or your cars, or whatever you're making, and you're going to sell them through what will be a very, very strong border ... Not going to happen. You're going to pay a very large border tax," he warned.

• Oil prices rose on Wednesday by the most in over a month, boosted by a weaker U.S. dollar following a news conference by U.S. President-elect Donald Trump and on news that Saudi Arabia had cut exports to Asia.

Oil's gains came despite government data showing a bigger-than-expected weekly build in U.S. crude and fuel inventories.

U.S. West Texas Intermediate (WTI) crude oil futures settled up $1.43, or 2.8 percent, at $52.25 a barrel.

Brent crude futures were up $1.39, or 2.6 percent, at $55.03 a barrel by 2:36 p.m. ET (1936 GMT).

• Saudi Arabia, the world's top oil exporter, has told some of its Asian customers that it will reduce their crude supplies slightly in February.

Reference: Reuters, CNBC

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