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Jan 23 - 03:55 PM

EUR/USD - US Recap: EUR/USD Firm As Dollar Dips On Trump Oil, Rates Comments 

By Robert Fullem  —  Jan 23 - 02:05 PM

Jan 23 (Reuters) - The dollar index slipped on Thursday and U.S. shares rose after President Donald Trump, via videoconference to business leaders at the World Economic Forum, called for lower oil prices and interest rates. Trump also said he would ask Saudi Arabia to help boost a planned U.S. investment package by $400 billion. EUR/USD tracked share prices higher after dipping briefly following Trump’s criticism of the European Union’s trade policy. Trump threatened tariffs on products not made in the United States. European Commission Executive Vice President Valdis Dombrovskis said the common area is open to discussing purchases of energy and arms from the United States to ward off tariffs. Euro gains slowed before reaching its 55-DMA of 1.0450 with the European Central Bank expected to lower policy rates when it convenes next week. Trump also said he wanted to meet Russian President Vladimir Putin soon to secure an end to the almost three-year-old war with Ukraine. Cable rose 0.3% and remains near the top of its post-inauguration range of 1.2160-1.2376. Gilt yield were steady before January PMI data on Friday. British finance minister Rachel Reeves told Reuters that she will announce changes if necessary in March to meet her fiscal rules. The yen edged higher ahead of Japan December CPI -- core forecast at 3.0% year-on-year -- and a highly-anticipated Bank of Japan rate hike on Friday. Focus is on policy guidance by Governor Kazuo Ueda's at the post-meeting briefing.

Treasury yields rose 0 to 7 basis points as the curve steepened. The 2s-10s curve was up about 5 basis points to +35.8bp.

The S&P 500 rose 0.22% on gains in healthcare and industrials.

Oil fell 1.1% following Trump comments about lowering prices.

Gold was little changed and copper rose 0.66% as the dollar eased.

Heading toward the close: EUR/USD +0.17%, USD/JPY -0.35%, GBP/USD +0.28%, AUD/USD +0.24%, DXY -0.11%, EUR/JPY -0.21%, GBP/JPY -0.02%, AUD/JPY -0.15%.(Editing by Burton Frierson Reporting by Robert Fullem)

Source:
London Stock Exchange Group | Thomson Reuters

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