Whilst the European election results dominated headlines here, on the other side of the Atlantic President Trump was on a personal PR drive as he flew to Tokyo to meet the new Emperor of Japan.
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Whilst also the meeting the incoming Emperor Naruhito, President Trump made time for a round of golf with Prime Minister Shinzo Abe, with global trade likely to have been high on their list of conversational topics.
With Japan keen to see a resolution to the US’s on-going trade stand-off with China, only time will tell whether the meeting is likely to have any impact on Trump’s current standing on the matter, but based on his position up until now that is certainly debatable.
The USD continues to perform above expectation despite the on-going global trade concerns. The interbank rate continues to trade comfortably under 1.30 against the pound, a threshold which is likely to offer it plenty of protection in the short-term.
The USD is benefitting from its position as a 'safe haven' currency, which investors turn to in times in global political and economic uncertainty, due to its historical ability to hold its value better than other currencies during these downturns.
This ironically is causing Trump to claim that the USD is over-valued which in turn could impact US exports. These rely on a steady USD to drive global demand for US products, a scenario which seems to be countering in part by pushing up tariffs on imported goods from China & Europe.
Looking ahead, today’s US Consumer Confidence figures could impact the USD value along with Thursday’s Gross Domestic Product (GDP) figure which is predicted to fall to 3.1% from 3.2%. With Jobless Claims set to rise to 215k the USD may see a sell-off factored into its value before the week is out.
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