The yuan and the euro are collapsing because they could be the countries most affected by the tariffs proposed by Trump, in line with his protectionism.
He dollar go up this Tuesday to a maximum of four months, while the Bitcoin extends its record advance as investors continue to pile into trades that could benefit from the incoming Donald Trump administration.
Euro languishes at seven-month lows yeThe yuan plummeted to its lowest level in more than three months, with Europe and China in the crosshairs of Trump’s possible tariffs.
The main cryptocurrency, Bitcoin, reached a new all-time high of US$89,982. Trump promised to turn the United States into “the crypto capital of the planet.” “We are now in a zone of regulatory tailwind,” said Gautam Chhugani of the Bernstein firm. “We look forward to a crypto-friendly regulatory environment under Trump, starting with a pro-crypto SEC (Securities and Exchange Commission).” The dollar index, which compares the greenback with a basket of six major currencies, advanced 0.34%, to 105.78 units, around its highest level since the beginning of July.
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How the rest of the currencies operate against the dollar
The onshore yuan closed the national session at 7.2378 units per dollar, its lowest since August 1. The Australian dollar, which is often influenced by the economic prospects of China, Australia’s main trading partner, fell 0.44% to $0.6545.
The euro sank to $1.0617, its lowest level since late April. and declined 0.26% in its last quote, to $1.0627. The pound fell 0.38% to $1.2822 after news that regular wage growth in the United Kingdom slowed and unemployment rose.
The dollar rose 0.15% against its Japanese pair, to 153.94 yen. Last week, the Japanese currency declined to a three-month low of 154,715 units.
Source: Ambito
