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Title : New US Blacklist Depresses USD / JPY
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New US Blacklist Depresses USD / JPY
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The USD / JPY currency pair was rolled back again in today's trade (8/10), although US-China trade negotiations began at the beginning of the week. When the news was written at the beginning of the New York session, the US Dollar weakened around 0.3 percent in the range of 106.96 against the Japanese Yen. Because the United States put 28 Chinese companies on the black list. This situation encourages investors to avoid risky assets, while at the same time dispelling market optimism about the possibility of achieving a cease-fire of trade war between the two countries.
Deputy-level trade negotiations between the US and China began yesterday with an optimistic tone, but the situation changed in a matter of hours. Bloomberg reported that Chinese officials wanted to limit the topics being discussed, because they were reluctant to agree to some of the demands of US President Donald Trump, who was seen as interfering in the Chinese economy.
Today, Washington announced a blacklist of 28 Chinese companies accused of contributing to humanitarian crimes against ethnic Uighurs. China also announced a suspension of the NBA basketball league, after several league leaders expressed support for Hong Kong demonstrators.
Trump has said that the increase in import tariffs from 25 percent to 30 percent for USD 250 billion of products from China will take effect on October 15, if there has not been any progress in the negotiations this time. However, recent developments indicate that the tariff increase is inevitable.
"We see a lot of uncertainty still circulating - last night, Trump said an agreement would only exist if he got what he wanted, (whereas) China wanted to put out all the contentious topics ... some (experts) were cautiously optimistic, but others tend to be skeptical (of the possibility of reaching a trade agreement between the US and China-ed), "Antje Praefcke of Commerzbank was quoted as saying by Reuters.
He added, "We expect we will be able to see a mini agreement if both Beijing and Washington do not wish to let this situation heat up. However, for a real (peace) agreement, the positions of the two are too far apart. "
"People expect Trump to delay a number of imposing tariffs to come," said Yukino Yamada of Daiwa Securities. He continued, "However, you cannot ignore the fact that, until now, the market has underestimated Trump's persistence in (enacting) tariffs."
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