Kuwait: US dollar continues to drop amid federal policy uncertainties, says reportSource: www.export-egypt.com 9/10/2017, Location: Middle East |
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The US dollar continued to be pressured in the second week of September as signs indicate monetary policy convergence from other Central Banks is on the horizon, said the National Bank of Kuwait (NBK).
The second driver of the US dollar's weakness continues to be the current risk adverse nature of the markets, in addition to North Korea's continued nuclear test programs and recent threats of attack on the US, NBK said in its weekly report . Combined with the aftermath of hurricane Harvey and the imminent hurricanes of Irma and Jose, markets are moving away heading towards the euro, Japanese yen and gold, it said. In commodities, oil prices managed to climb as the new hurricane threats in the Gulf of Mexico shut roughly a quarter of the US's refinery capacity and more than a dozen petrochemical plants halted operations, said the report. Furthermore, ports were closed and key fuel pipelines were partially or completely shut, it said, noting that Brent crude was up 2.67 percent to 53.77 while West Texas climbed a similar 0.4 percent to 47.48. New orders for US-made goods recorded their biggest drop in nearly three years in July as factory goods orders fell by 3.3 percent, it said. The US trade deficit widened less than expected in July as rising energy and aircraft exports helped offset drops in shipments of autos and household goods, said the report. NBK also said that July's figures showed drops in both exports and imports of passenger cars as the industry copes with a sales slowdown, while exports of consumer goods fell to the lowest since May 2016. The figures indicate that trade was on track to contribute to third-quarter growth after net exports added about 0.2 percent to the annual pace of expansion in the previous period, it said. According to Labor Department, US jobless claims surged last week by the most since November 2012 as tens of thousands of Texans displaced by Hurricane Harvey filed applications to collect benefits, it noted. |
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